[Congressional Record Volume 147, Number 35 (Thursday, March 15, 2001)]
[Senate]
[Page S2397]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. FRIST:
  S. 545. A bill to amend the Internal Revenue Code of 1986 to extend 
the work opportunity credit to small business employees working or 
living in areas of poverty; to the Committee on Finance
  Mr. FRIST. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 545

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

     SECTION 1. EXPANSION OF WORK OPPORTUNITY TAX CREDIT.

       (a) In General.--Section 51(d)(1) of the Internal Revenue 
     Code of 1986 (relating to members of targeted groups) is 
     amended by striking ``or'' at the end of subparagraph (G), by 
     striking the period at the end of subparagraph (H) and 
     inserting ``, or'', and by adding at the end the following:
       ``(I) a qualified small business employee.''
       (b) Qualified Small Business Employee.--Section 51(d) of 
     the Internal Revenue Code of 1986 is amended by redesignating 
     paragraphs (10) through (12) as paragraphs (11) through (13), 
     respectively, and by inserting after paragraph (9) the 
     following:
       ``(10) Qualified small business employee.--
       ``(A) In general.--The term `qualified small business 
     employee' means any individual--
       ``(i) hired by a qualified small business located in a 
     population census tract with a poverty rate not less than 20 
     percent, or
       ``(ii) hired by a qualified small business and who is 
     certified by the designated local agency as residing in such 
     a population census tract.
       ``(B) Qualified small business.--The term `qualified small 
     business' has the meaning given the term `small employer' by 
     section 4980D(d)(2).
       ``(C) Use of census data.--The poverty rate for any 
     population census tract shall be determined by the most 
     recent decennial census data available.''.
       (c) Report.--The Secretary of the Treasury shall report to 
     the Committee on Ways and Means of the House of 
     Representatives and the Committee on Finance of the Senate on 
     the date which is 18 months after the date of enactment of 
     this Act on the effect of the expansion of the work 
     opportunity credit under section 51 of the Internal Revenue 
     Code of 1986, as amended by this section.
       (d) Effective Date.--The amendments made by this section 
     shall apply to individuals who begin work for the employer 
     after the date of enactment of this Act.
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