H.R.3241 - More Power for Empowerment Zones Act of 1996104th Congress (1995-1996)
|Sponsor:||Rep. Foglietta, Thomas M. [D-PA-1] (Introduced 04/15/1996)|
|Committees:||House - Banking and Financial Services; Commerce; Economic and Educational; Government Reform; International Relations; Judiciary; National Security; Small Business; Transportation and Infrastructure; Ways and Means|
|Latest Action:||05/22/1996 Executive Comment Requested from DOD.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.3241 — 104th Congress (1995-1996)All Bill Information (Except Text)
Introduced in House (04/15/1996)
TABLE OF CONTENTS:
Title I: Tax Treatment of Empowerment Zones and Enterprise
Subtitle A: Designation of Additional Empowerment Zones
Subtitle B: Increased Incentives for Empowerments Zones
and Enterprise Communities
Subtitle C: Brownfields Redevelopment Act
Title II: Assistance for Infrastructure Improvements and
Title III: Additional Benefits for Empowerment Zones and
Title IV: Regulatory Flexibility
More Power for Empowerment Zones Act of 1996 - Title I: Tax Treatment of Empowerment Zones and Enterprise Communities - Subtitle A: Designation of Additional Empowerment Zones - Amends the Internal Revenue Code to authorize the designation of additional empowerment zones.
Subtitle B: Increased Incentives for Empowerments Zones and Enterprise Communities - Modifies requirements regarding: (1) the tax exempt status of enterprize zone facility bonds; and (2) expensing.
(Sec. 114) Excludes from gross income capital gains on zone assets. Allows deductions for the purchase of enterprise zone stock.
(Sec. 115) Allows a business investment deduction for commercial revitalization.
Subtitle C: Brownfields Redevelopment Act - Allows: (1) a business credit for empowerment zones for 50 percent of the costs of environmental remediation; and (2) the use of redevelopment bonds for environmental remediation.
Title II: Assistance for Infrastructure Improvements and Development - Authorizes the Secretary of Housing and Urban Development to: (1) guarantee debt instruments issued by local governments or their designated agencies to finance infrastructure activities to be carried out in empowerment zones or enterprise communities; and (2) require the local government to provide security. Mandates a revolving fund to make loans to local governments for infrastructure activities in empowerment zones or enterprise communities. Authorizes grants to local governments for infrastructure activities in empowerment zones or enterprise communities.
Title III: Additional Benefits for Empowerment Zones and Enterprise Communities - Give Students the Power to Work Program Act - Authorizes grants to local educational agencies in empowerment zones to provide students with employment skills and technologies necessary to sustain or improve businesses and industries in the zones. Authorizes appropriations.
(Sec. 302) Requires that, notwithstanding any other provision of law, at least 15 percent of U.S. assistance under the Foreign Assistance Act of 1961, the Arms Export Control Act, and the Support for East European Democracy (SEED) Act of 1989 be provided in the form of credits that may only be used for the purchase of U.S. goods produced, manufactured, or assembled in empowerment zones, enterprise communities, or enterprise zones in the United States.
(Sec. 303) Amends the Federal Property and Administrative Services Act of 1949 and provisions of Federal law relating to the armed forces to require that at least 15 percent of procurement be obligated for contracts to be carried out by entities in empowerment zones or enterprise communities.
(Sec. 304) Amends the Solid Waste Disposal Act to require that certain items be procured from entities in empowerment zones or enterprise communities.
(Sec. 305) Authorizes grants to a State or local government for innovative programs for the transportation needs of an empowerment zone. Authorizes appropriations.
Title IV: Regulatory Flexibility - Amends Federal law to include enterprise zone businesses, units of government that nominate empowerment zones or enterprise communities, and nonprofit enterprises carrying out a significant portion of their activities in such a zone or community in the definition of "small entity" for provisions relating to analysis of regulatory functions. Authorizes an agency to waive or modify all or part of any rule the agency has the authority to promulgate concerning activities in such a zone or community.