S.1874 - HUBZone Qualified Census Tract Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Merkley, Jeff [D-OR] (Introduced 11/15/2011)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||12/19/2011 Held at the desk. (All Actions)|
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Summary: S.1874 — 112th Congress (2011-2012)All Bill Information (Except Text)
Passed Senate without amendment (12/17/2011)
(This measure has not been amended since it was introduced. The summary of that version has been expanded because action occurred on the measure.)
HUBZone Qualified Census Tract Act of 2011 - Requires the Secretary of Housing and Urban Development (HUD), within two months after receiving from the Census Bureau decennial census data on census tracts, to identify and publish the list of those tracts that meet the Internal Revenue Code criteria for a "qualified census tract" triggering an increase in the low-income housing income tax credit relating to buildings in high cost areas.
Requires HUD to designate dates upon which the list of qualified census tracts shall become effective for: (1) areas that qualify as HUBZones (historically underutilized business zones) under the Small Business Act; and (2) purposes of those increases in the low-income housing tax credit.
Declares that nothing in this Act may be construed to affect the HUD method used to designate qualified census tracts in a year in which HUD receives no data from the Census Bureau relating to census tract boundaries.
Requires the Administrator of the Small Business Administration (SBA) to report to congressional small business committees: (1) a description of the benefits and drawbacks of using qualified census tract data to designate HUBZones; (2) a description of any problems encountered by the SBA in using such data; and (3) recommendations, if any, for ways to improve the process of designating HUBZones.