Summary: H.R.4923 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.4923. Bill summaries are authored by CRS.

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Introduced in House (07/24/2000)

Community Renewal and New Markets Act of 2000 - Amends the Internal Revenue Code to provide for the nomination (based on the degree of poverty) of up to 40 areas as renewal communities, of which at least eight must be in rural areas. Provides for increased expensing of business costs and tax credits and deductions with respect to such areas.

Provides for the designation of nine additional empowerment zones, an extension of enterprise zone treatment through calendar year 2009, increased expensing in such zones, and other modifications to the treatment of zone investments.

Establishes a new markets tax credit for equity investments in qualified community development entities.

Modifies the low-income housing credit and the criteria for allocating credits among projects.

Provides for an accelerated phase-in of specified increases in the volume cap on private activity bonds.

America's Private Investment Companies Act - Authorizes the Secretary of Housing and Urban Development to license community development entities as America's Private Investment Companies (for-profit investment companies formed to make equity and credit investments for large-scale business development in low-income communities).

Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 to direct the Secretary of Housing and Urban Development to transfer ownership of qualified HUD-held properties (substandard or unoccupied multifamily or unoccupied single family properties) to local governments and community development corporations under specified conditions.