S.3354 - Bringing Business Back Act of 2016114th Congress (2015-2016)
|Sponsor:||Sen. Kirk, Mark Steven [R-IL] (Introduced 09/20/2016)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/20/2016 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.3354 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (09/20/2016)
Bringing Business Back Act of 2016
This bill amends the Internal Revenue Code to allow income or gain attributable to certain real property to be excluded from gross income for a one-year period in which the income attributable to the real property exceeds the pre-depreciation expenses attributable to the property.
The exclusion applies to real property that has been certified by the state or local zoning authority and any economic development board as: (1) zoned for commercial use, (2) undeveloped and vacant during the two-year period ending on the date of certification, and (3) located within a qualified census tract.
A "qualified census tract" is any census tract that: (1) has an average poverty rate exceeding the national average poverty rate or an unemployment rate above the national unemployment rate; and (2) exhibits another condition of distress, such as deteriorating infrastructure or population decline.
A census tract is also qualified if it is located in a rural community that: (1) has an unemployment rate of at least 6%, and (2) in which at least 50% of the houses were constructed before 1980.