[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4471 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4471

To amend the Internal Revenue Code of 1986 to extend the tax incentives 
             for empowerment zones and renewal communities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 10, 2014

Mr. Cohen (for himself, Ms. Kelly of Illinois, Ms. Tsongas, Ms. Norton, 
  and Ms. Wilson of Florida) 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 tax incentives 
             for empowerment zones and renewal communities.

    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 ``Growth Zones Opportunity Act''.

SEC. 2. EXTENSION OF EMPOWERMENT ZONE TAX INCENTIVES.

    (a) In General.--Clause (i) of section 1391(d)(1)(A) of the 
Internal Revenue Code of 1986 is amended by striking ``December 31, 
2013'' and inserting ``December 31, 2020''.
    (b) Increased Exclusion of Gain on Stock of Empowerment Zone 
Businesses.--Subparagraph (C) of section 1202(a)(2) of such Code is 
amended--
            (1) by striking ``December 31, 2018'' and inserting 
        ``December 31, 2025''; and
            (2) by striking ``2018'' in the heading and inserting 
        ``2025''.
    (c) Treatment of Certain Termination Dates Specified in 
Nominations.--In the case of a designation of an empowerment zone 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 if, after the date of 
the enactment of this section, the entity which made such nomination 
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.
    (d) Effective Date.--The amendments made by this section shall 
apply to periods after December 31, 2013.

SEC. 3. EXTENSION OF RENEWAL COMMUNITY TAX INCENTIVES.

    (a) Additional Period.--Section 1400E(b) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(3) Additional period.--In the case of any designation of 
        an area as a renewal community which terminated under 
        subparagraph (A) or (B) of paragraph (1) on December 31, 2009--
                    ``(A) such designation shall be in effect for an 
                additional period beginning on January 1, 2014 and 
                ending on December 31, 2020,
                    ``(B) sections 1400F shall be applied with respect 
                to such area for such additional period--
                            ``(i) by substituting `December 31, 2013' 
                        for `December 31, 2001' each place it appears,
                            ``(ii) by substituting `January 1, 2014' 
                        for `January 1, 2002' each place it appears,
                            ``(iii) by substituting `January 1, 2021' 
                        for `January 1, 2010' each place it appears, 
                        and
                            ``(iv) by substituting `December 31, 2025' 
                        for `December 31, 2014' each place it appears, 
                        and
                    ``(C) section 1400J shall be applied with respect 
                to such area for such additional period--
                            ``(i) by substituting `December 31, 2013' 
                        for `December 31, 2001', and
                            ``(ii) by substituting `January 1, 2021' 
                        for `January 1, 2010'.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to periods after December 31, 2013.
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