[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6288 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6288

 To amend the Internal Revenue Code of 1986 to extend the benefits of 
    empowerment zones and enterprise communities if those zones and 
      communities are determined to still qualify for designation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 29, 2010

  Mr. Cole (for himself and Mr. Boren) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend the benefits of 
    empowerment zones and enterprise communities if those zones and 
      communities are determined to still qualify for designation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring Our Local Economies Act of 
2010''.

SEC. 2. EMPOWERMENT ZONE AND ENTERPRISE COMMUNITY TAX INCENTIVES.

    (a) In General.--Subsection (d) of section 1391 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(3) Special rules for certain empowerment zones and 
        enterprise communities.--
                    ``(A) In general.--In the case of a qualifying 
                zone--
                            ``(i) paragraph (1)(A)(i) and subsection 
                        (h)(2), as the case may be, shall be applied by 
                        substituting `December 31, 2014' for `December 
                        31, 2009', and
                            ``(ii) paragraph (1)(A)(ii) shall be 
                        applied by substituting `15th calendar year' 
                        for `10th calendar year'.
                    ``(B) Qualifying zone.--For purposes of this 
                paragraph, the term `qualifying zone' means any 
                empowerment zone or enterprise community designated 
                under this section if--
                            ``(i) the governments which nominated such 
                        zone for designation under this section--
                                    ``(I) request an extension under 
                                this paragraph, and
                                    ``(II) submit to the appropriate 
                                Secretary such information as such 
                                Secretary may require to determine 
                                whether such governments are complying 
                                substantially with, and making progress 
                                in achieving the benchmarks set forth 
                                in, the strategic plan under subsection 
                                (f)(2), and
                            ``(ii) the appropriate Secretary determines 
                        that there is such substantial compliance and 
                        progress.''.
    (b) Treatment of Certain Termination Dates Specified in 
Nominations.--In the case of a designation of an empowerment zone or 
enterprise community the nomination for which included a termination 
date which is contemporaneous with the date specified in subparagraph 
(A)(i) of section 1391(d)(1) of the Internal Revenue Code of 1986 (as 
in effect before the enactment of this Act), subparagraph (B) of such 
section shall not apply with respect to such designation unless, after 
the date of the enactment of this section, the entity which made such 
nomination reconfirms such termination date, or amends the nomination 
to provide for a new termination date, in such manner as the Secretary 
of the Treasury (or the Secretary's designee) may provide.
    (c) Effective Date.--The amendments made by this section shall 
apply to periods after December 31, 2009.
                                 <all>