[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5498 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5498

To amend the Internal Revenue Code of 1986 to authorize new empowerment 
   zone designations for urban areas with high unemployment and high 
               foreclosure rates, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 16, 2016

 Mr. McNerney 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 authorize new empowerment 
   zone designations for urban areas with high unemployment and high 
               foreclosure rates, and for other purposes.

    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 ``Revitalize Our Cities Act''.

SEC. 2. THREE-YEAR EXTENSION AND NEW EMPOWERMENT ZONE DESIGNATIONS FOR 
              HIGH UNEMPLOYMENT AND FORECLOSURE AREAS.

    (a) Extension.--Clause (i) of section 1391(d)(1)(A) of the Internal 
Revenue Code of 1986 is amended by striking ``December 31, 2016'' and 
inserting ``December 31, 2019''.
    (b) Additional Designations.--Section 1391 of such Code is amended 
by adding at the end the following new subsection:
    ``(i) Additional Designations Permitted.--
            ``(1) In general.--In addition to the areas designated 
        under subsections (a), (g), and (h), the appropriate 
        Secretaries may designate an additional 20 nominated areas as 
        empowerment zones under this section, subject to the 
        availability of eligible nominated areas. Such zones shall be 
        designated in urban areas.
            ``(2) Period designations may be made and take effect.--A 
        designation may be made under this subsection after the date of 
        the enactment of this subsection and before January 1, 2018.
            ``(3) Modifications to eligibility criteria.--
                    ``(A) Unemployment and foreclosure.--A nominated 
                area shall be eligible for designation under this 
                subsection only if the average unemployment rate and 
                the average rate of residential and commercial 
                foreclosures in the area are each higher than that of 
                the State within which the area is located for the 
                period beginning January 1, 2012, and ending with the 
                date of the enactment of this subsection.
                    ``(B) Population.--Subparagraph (A) of section 
                1392(a)(1) shall be applied without regard to clause 
                (ii) thereof.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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