Renewal community tax incentives

(a)

In general

Subsection (b) of section 1400E of the Internal Revenue Code of 1986 is amended— (1)by striking December 31, 2009 in paragraphs (1)(A) and (3) and inserting December 31, 2012; and (2)by striking January 1, 2010 in paragraph (3) and inserting January 1, 2013. (b)

Zero-Percent capital gains rate

(1)

Acquisition date

Paragraphs (2)(A)(i), (3)(A), (4)(A)(i), and (4)(B)(i) of section 1400F(b) of such Code are each amended by striking January 1, 2010 and inserting January 1, 2013. (2)

Limitation on period of gains

Paragraph (2) of section 1400F(c) of such Code is amended— (A)by striking December 31, 2014 and inserting December 31, 2017; and (B)by striking

2014

in the heading and inserting

2017

. (3)

Applicable rules

Subsection (d) of section 1400F is amended— (A)by striking December 31, 2014 the first place it appears and inserting December 31, 2017, and (B)by striking December 31, 2014 the second place it appears and inserting December 31, 2016. (c)

Commercial revitalization deduction

(1)

Extension

(A)

In general

Subsection (g) of section 1400I of such Code is amended by striking December 31, 2009 and inserting December 31, 2012. (B)

Conforming amendment

Subparagraph (A) of section 1400I(d)(2) of such Code is amended by striking after 2001 and before 2010 and inserting which begins after 2001 and before the date referred to in subsection (g). (2)

Carryforward of unallocated state commercial revitalization expenditure ceiling

(A)

In general

Paragraph (1) of section 1400I(d) of such Code is amended to read as follows:

(1)

In general

The aggregate commercial revitalization expenditure amount which a commercial revitalization agency may allocate for any calendar year is the amount equal to the sum of— (A)the amount of the State commercial revitalization expenditure ceiling determined under this paragraph for such calendar year for such agency (determined without regard to subparagraph (B)), and (B)the aggregate of the unused State commercial revitalization expenditure ceilings determined under this paragraph for such agency for each of the 2 preceding calendar years.

For purposes of subparagraph (B), amounts of expenditure ceiling shall be treated as allocated by an agency first from unused amounts for the second preceding calendar year, then from unused amounts for the 1st preceding calendar year, and then from amounts from the current year State allocation.

(B)

Effective date

The amendment made by this subsection shall apply to calendar years beginning after the date of the enactment of this Act. (d)

Increased expensing under section 179

Subparagraph (A) of section 1400J(b)(1) of such Code is amended by striking January 1, 2010 and inserting January 1, 2013. (e)

Treatment of certain termination dates specified in nominations

In the case of a designation of a renewal community the nomination for which included a termination date which is contemporaneous with the date specified in subparagraph (A) of section 1400E(b)(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. (f)

Effective dates

(1)

In general

Except as otherwise provided in this subsection, the amendments made by this section shall apply to periods after December 31, 2009. (2)

Acquisitions

The amendments made by subsections (b)(1) and (d) shall apply to acquisitions after December 31, 2009. (3)

Commercial revitalization deduction

(A)

In general

The amendment made by subsection (c)(1) shall apply to buildings placed in service after December 31, 2009. (B)

Conforming amendment

The amendment made by subsection (c)(2) shall apply to calendar years beginning after December 31, 2009.