H.R.2713 - Enhanced Enterprise Zones Act of 1995104th Congress (1995-1996)
|Sponsor:||Rep. Riggs, Frank [R-CA-1] (Introduced 12/05/1995)|
|Committees:||House - Banking and Financial Services; Judiciary; Ways and Means|
|Latest Action:||House - 02/09/1996 Referred to the Subcommittee on Commercial and Administrative Law. (All Actions)|
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Summary: H.R.2713 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (12/05/1995)
TABLE OF CONTENTS:
Title I: Federal Tax Incentives
Title II: Regulatory Flexibility
Title III: Resident Management and Homeownership Incentives
Enhanced Enterprise Zones Act of 1995 - Title I: Federal Tax Incentives - Amends the Internal Revenue Code to exclude from gross income any qualified capital gain recognized on the sale or exchange of a qualified zone asset held for more than five years. Includes as a zone asset: (1) stock in an enterprise zone business; (2) business property used in an empowerment zone or enterprise community; or (3) a partnership interest in an enterprize zone business. Allows a taxpayer to elect to deduct the amount paid for the purchase of enterprise zone stock.
(Sec. 102) Allows a credit for a portion of qualified rehabilitation expenditures for buildings meeting certain requirements, including being in an empowerment zone or enterprise community.
Title II: Regulatory Flexibility - Amends Federal law relating to Government organization and employees to modify the definition of "small entity" (for purposes of provisions concerning the analysis of regulatory functions) with regard to enterprise zone businesses, governmental units that nominate areas as empowerment zones or enterprise communities, and certain not-for-profit enterprises operating in such zones or communities.
(Sec. 202) Authorizes an agency to waive or modify rules as the rules pertain to activities in such zones or communities.
Title III: Resident Management and Homeownership Incentives - Amends Federal law to authorize grants to nonprofit organizations for: (1) enterprise zone homeownership opportunity programs to promote homeownership in enterprise zones; and (2) the development of resident management corporations in enterprise zones. Authorizes appropriations.