I 111th CONGRESS 2d Session H. R. 6288 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.

1.

Short title

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

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.