GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
TABLE OF CONTENTS:
- Title I: Incentives for Distressed Communities
- Subtitle A: Designation and Treatment of Renewal Zones
- Subtitle B: Modification of Incentives for Empowerment Zones
- Subtitle C: Modification of Tax Incentives for DC Zone
- Subtitle D: New Markets Tax Credit
- Subtitle E: Modification of Tax Incentives for Puerto Rico
- Subtitle F: Individual Development Accounts
- Subtitle G: Additional Incentives
- Title II: Tax Incentives for Affordable Housing
- Subtitle A: Low- Income Housing Credit
- Subtitle B: Historic Homes
- Subtitle C: Forgiven Mortgage Obligations
- Subtitle D: Mortgage Revenue Bonds
- Subtitle E: Property and Casualty Insurance
- Title III: Tax Incentives for Urban and Rural Infrastructure
- Title IV: Tax Relief for Farmers
- Title V: Tax Incentives for the Production of Energy
- Title VI: Tax Incentives for Conservation
- Title VII: Additional Tax Provisions
Community Renewal and New Markets Act of 2000 -
Incentives for Distressed Communities
Subtitle A: Designation and Treatment of Renewal Zones- Amends the Internal Revenue Code (IRC) to provide for the designation of up to 30 renewal zones. Treats a renewal zone as an empowerment zone.
Modification of Incentives for Empowerment Zones
Revises provisions concerning empowerment zones, including: (1) extending empowerment zone treatment through 2009; (2) a 15 percent employment credit for all empowerment zones; (3) increased expensing under section 179 (election to expenses certain depreciable assets); (4) exclusion from gross income of limited amounts capital gain from the sale or exchange of a qualified empowerment zone asset; and (5) funding.
Modification of Tax Incentives for DC Zone
Extends and expands IRC District of Columbia Enterprise Zone provisions.
Subtitle D: New Markets Tax Credit- Establishes a new markets tax credit.
Modification of Tax Incentives for Puerto Rico
Revises the of Puerto Rico economic activity tax credit.
Individual Development Accounts
Permits any qualified financial institution, qualified nonprofit organization, or Indian tribe to establish one or more qualified individual development account programs. Defines such an account as an account established for an eligible individual as part of a qualified individual development account program. Sets forth provisions concerning such accounts, including: (1) the structure and administration of account programs; (2) procedures for opening an account and qualifying for matching funds; (3) account contributions and withdrawals; and (4) disregarding account funds of program participants for purposes of certain means-tested Federal programs.
Provides for, among other things: (1) the exclusion of certain amounts received under the National Health Service Corps Scholarship Program and the F. Edward Hebert Armed Forces Health Professions Scholarship and Financial Assistance Program; (2) the extension of enhanced deduction for corporate donations of computer technology; (3) the extension of the adoption tax credit; and (4) the treatment of Alaska Native Settlement Trusts and Indian tribal governments under the Federal Unemployment Tax Act.
Tax Incentives for Affordable Housing
Low-Income Housing Credit
Modifies the low-income housing credit.
Establishes a credit equal to 20 percent of the qualified rehabilitation expenditures made by a taxpayer with respect to a qualified historic home.
Forgiven Mortgage Obligations
Excludes from gross income certain forgiven residential mortgage obligations.
Mortgage Revenue Bonds
Provides: (1) for an increase in the purchase price limitation under mortgage subsidy bond rules based on median family income; (2) revised rules for residences located in presidentially declared disaster areas.
Property and Casualty Insurance
Exempts from income tax State-created organizations providing property and casualty insurance for property for which such coverage is otherwise unavailable.
Tax Incentives for Urban and Rural Infrastructure
Increases the State ceiling on private activity bonds.
Modifies the expensing of environmental remediation costs.
Provides credits for: (1) broadband internet access; and (2) holders of qualified Amtrak bonds.
Includes customer connection fees (including fees to connect a customer's line to or extend a main water or sewer line) as an excludable corporate income item within the definition of "contribution in aid of construction."
Includes qualified leasehold improvement property as 15 year property for purposes of the accelerated cost recovery depreciation rules.
Tax Relief for Farmers
Set forth provisions concerning farmers, including: (1) providing specified deductions and credits (including a deduction for cash paid to a Farm, Fishing, and Ranch Risk Management Accounts; (2) exempting agricultural bonds from the State volume cap; and (3) income averaging.
Tax Incentives for the Production of Energy
Sets forth provisions concerning the production of energy, including: (1) expensing geological and geophysical expenditures; (2) a credit for marginal domestic oil and natural gas well production; and (3) the definition of "foreign base company oil related income."
Tax Incentives for Conservation
Sets forth provisions concerning conservation, including: (1) the exclusion of 50 percent of gain on certain sales of land or interests in land or water to qualified entities for conservation purposes; (2) a deduction for the certain energy efficient commercial property expenditures; (3) modification of the credit for electricity produced from biomass; and (4) a credit for certain hybrid automobiles.
Additional Tax Provisions
Revises provisions concerning: (1) the nonaccrual experience method of accounting; (2) the exemption from personal holding company tax for lending or finance companies; (3) a deduction for certain expenses incurred in support of Native Alaskan subsistence whaling; and (4) an excise tax on persons who acquire structured settlement payments in factoring transactions.
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
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