H.R. 15 (103rd): Enterprise Zone Community Development Act of 1993

Introduced:
Jan 05, 1993 (103rd Congress, 1993–1994)
Sponsor:
Rep. Charles Rangel [D-NY15]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

(About Ads | Advertise Here)
Status

This bill was introduced on January 5, 1993, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 05, 1993
Cosponsors
21 cosponsors (15D, 6R) (show)
Committees

House Education and the Workforce

House Energy and Commerce

House Financial Services

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage community development in enterprise zones, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Jan 05, 1993.
162 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/5/1993--Introduced.
TABLE OF CONTENTS:
Title I - Urban Tax Enterprise Zones and Rural Development Investment Zones Subtitle A: Designation and Tax Incentives Subtitle B: Redevelopment Bonds for Tax Enterprise Zones Subtitle C: Expansion of Targeted Jobs Credit Subtitle D: Credit for Contributions to Certain Community Development Corporation Subtitle E: Report on Number of Areas Meeting Enterprise Zone Criteria Title II: Authorization for Additional Assistance to Distressed Communities Subtitle A: National Public-Private Partnership Programs Subtitle B: Block Grant Funding for Eligible Programs Subtitle C: Other Programs Enterprise Zone Community Development Act of 1993
Title I - Urban Tax Enterprise Zones and Rural Development Investment Zones
Declares it to be the purpose of this Act to establish a demonstration program of providing incentives for the creation of tax enterprise zones in order to: (1) revitalize economically and physically distressed areas; (2) promote meaningful employment for zone residents; and (3) encourage individuals to reside in the zones in which they are employed.
Subtitle A - Designation and Tax Incentives
Amends the Internal Revenue Code to provide for the designation of tax enterprise zones during calendar years after 1992 and before 1999: (1) by the Secretary of Housing and Urban Development (HUD), in the case of an urban tax enterprise zone; and (2) by the Secretary of Agriculture, in consultation with the Secretary of Commerce, in the case of a rural development investment zone. Sets forth the eligibility criteria for such designation for urban tax enterprise zones and for rural development investment zones. Allows an enterprise zone employment credit to small employers and tax-exempt organizations as a general business credit of 15 percent of the qualified zone wages. Allows such credit for the first five years of the employee's employment. Allows a deduction for the purchase of enterprise zone stock paid in cash. Excludes from gross income 50 percent of qualified capital gain recognized on the sale or exchange of a new qualified zone asset held for more than ten years.
Subtitle B - Redevelopment Bonds for Tax Enterprise Zones
Sets forth special rules for tax-exempt redevelopment bonds which provide financing for tax enterprise zones for the first 60-month period after a zone is so designated.
Subtitle C - Expansion of Targeted Jobs Credit
Includes economically disadvantaged zone residents as members of a targeted group.
Subtitle D - Credit for Contributions to Certain Community Development Corporations
Allows a general business tax credit for contributions to selected community development corporations to provide employment of, and business opportunities for, low-income individuals who are residents of the operational area of the community.
Subtitle E - Report on Number of Areas Meeting Enterprise Zone Criteria
Directs the Secretary of the Treasury to report to the Congress on the number of areas which satisfy the tax enterprise zone eligibility criteria and the estimated cost to the Government if all such areas were designated as tax enterprise zones.
Title II - Authorization for Additional Assistance to Distressed Communities
Subtitle A - National Public-Private Partnership Programs
Expresses the sense of the Congress that public-private partnerships between government and community-based organizations offer an opportunity to empower residents of low-income distressed communities and to forge innovative solutions to the challenges confronting these communities and that increased resources should be invested in such partnerships. Authorizes appropriations to promote certain national public-private partnerships for FY 1993 through 2002. Specifies amounts to be available only for projects or activities that directly and principally benefit the residents of tax enterprise zones.
Subtitle B - Block Grant Funding for Eligible Programs
Authorizes appropriations for FY 1993 through 2002 for urban enterprise zones and rural development investment zones. Provides for the allocation and use of such amounts for carrying out selected programs within such zones. Specifies the eligible programs in the areas of: (1) crime and criminal justice; (2) job training; (3) education; (4) health and nutrition; and (5) housing and community development. Sets forth requirements for applying for funding. Establishes an interagency council to provide administrative assistance for functions under this title. Requires the council, one year after enactment of this Act, to report to the Congress on: (1) any alternative methods or systems for allocation of amounts made available for enterprise zones; and (2) any problems experienced in the implementation and administration of this subtitle.
Subtitle C - Other Programs
Amends the Housing and Community Development Act of 1974 to waive the cap on assistance under the community development block grant program for units of general local government located within or containing an urban tax enterprize zone. Authorizes the Secretary of (HUD) to make loan guarantees for such units of local government for development activities. Amends the Job Training Partnership Act to establish the youth adult employment demonstration program to assist young adults with education, job training, and employment services in tax enterprise zones. National Community Economic Partnership Act of 1993 - Authorizes the Secretary of Health and Human Services to provide nonrefundable lines of credit to community development corporations for the establishment, maintenance, or expansion of revolving loan funds to be utilized to finance projects intended to provide business and employment opportunities for low-income, unemployed, or underemployed individuals and to improve the quality of life in urban and rural areas. Provides assistance to community development corporations to upgrade the management and operating capacity of such corporations and to enhance the resources available to enable such corporations to increase their community economic development activities. Authorizes the Secretary to award grants to emerging community development corporations to enable them to establish, maintain or expand revolving loan funds, to make capital or guarantee loans, or to make investments in new or expanding businesses. Requires the Secretary to award grants to organizations to enable them to undertake programs involving research, testing, studies or demonstrations related to community economic development. Directs the Secretary to develop and promulgate joint community development activity programs with other agencies. Authorizes appropriations. Enterprise Capital Access Fund Demonstration Program - Establishes a demonstration program to provide loans and technical assistance grants to nonprofit financial intermediaries in order to finance business and employment opportunities, low-income housing opportunities, and neighborhood revitalization projects. Establishes within HUD an Office of Community Banking to carry out this section. Directs the Secretary of Labor, in consultation with the Secretary of Transportation, to establish a Reverse Commuting Demonstration Program to test the effects of assisting residents of poor inner-city areas to commute to job sites in other areas of the city or surrounding suburbs. Directs the Comptroller General to report to the Congress on an assessment of the market availability of insurance for businesses and residences located in central cities and distressed urban areas and the impact of the availability of such insurance on the economic development or redevelopment of such areas.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)