[Congressional Record Volume 157, Number 195 (Saturday, December 17, 2011)]
[Senate]
[Pages S8780-S8781]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   HUBZONE QUALIFIED CENSUS TRACT ACT

  Mr. REID. Mr. President, I ask unanimous consent the Banking 
Committee be discharged from further consideration of S. 1874 and the 
Senate proceed to its consideration.
  The PRESIDING OFFICER. Without objection, it is so ordered. The clerk 
will report the bill by title.

[[Page S8781]]

  The assistant legislative clerk read as follows:

       A bill (S. 1874) to require the timely identification of 
     qualified census tracts for purposes of the HUBZone program, 
     and for other purposes.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. REID. Mr. President, I ask unanimous consent the bill be read a 
third time, passed, the motion to reconsider be laid upon the table, 
with no intervening action or debate, and any statements be printed in 
the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 1874) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                S. 1874

       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 ``HUBZone Qualified Census 
     Tract Act of 2011''.

     SEC. 2. DESIGNATION OF QUALIFIED CENSUS TRACTS.

       (a) Identification of HUBZone Qualified Census Tracts.--Not 
     later than 2 months after the date on which the Secretary of 
     Housing and Urban Development receives from the Census Bureau 
     the data obtained from each decennial census relating to 
     census tracts necessary for such identification, the 
     Secretary of Housing and Urban Development shall identify and 
     publish the list of census tracts that meet the requirements 
     of section 42(d)(5)(B)(ii) of the Internal Revenue Code of 
     1986.
       (b) Specification of Effective Dates of Designation.--
       (1) HUBZone effective date.--The Secretary of Housing and 
     Urban Development, after consultation with the Administrator 
     of the Small Business Administration, shall designate a date 
     that is not later than 3 months after the publication of the 
     list of qualified census tracts under subsection (a) upon 
     which the list published under subsection (a) becomes 
     effective for areas that qualify as HUBZones under section 
     3(p)(1)(A) of the Small Business Act (15 U.S.C. 
     632(p)(1)(A)).
       (2) Section 42 effective date.--The Secretary of Housing 
     and Urban Development shall designate a date, which may 
     differ from the HUBZone effective date under paragraph (1), 
     upon which the list of qualified census tracts published 
     under subsection (a) shall become effective for purposes of 
     section 42(d)(5)(B)(ii) of the Internal Revenue Code of 1986.
       (c) Rule of Construction.--Nothing in this section may be 
     construed to affect the method used by the Secretary of 
     Housing and Urban Development to designate census tracts as 
     qualified census tracts in a year in which the Secretary of 
     Housing and Urban Development receives no data from the 
     Census Bureau relating to census tract boundaries.

     SEC. 3. REPORT.

       Not later than 1 year after the date of enactment of this 
     Act, the Administrator of the Small Business Administration 
     shall submit to the Committee on Small Business and 
     Entrepreneurship of the Senate and the Committee on Small 
     Business of the House of Representatives a report that--
       (1) describes the benefits and drawbacks of using qualified 
     census tract data to designate HUBZones under section 3(p) of 
     the Small Business Act (15 U.S.C. 632(p));
       (2) describes any problems encountered by the Administrator 
     in using qualified census tract data to designate HUBZones; 
     and
       (3) includes recommendations, if any, for ways to improve 
     the process of designating HUBZones.

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