Comprehensive Base Closure Reform and Recovery Act of 1993

Summary

TABLE OF CONTENTS: Title I: Environmental Restoration at Military Installations to be Closed Title II: Tax Incentives Relating to Federal Military Base Closures and Realignments Title III: Economic Adjustment and Conversion Assistance Comprehensive Base Closure Reform and Recovery Act of 1993 - Title I: Environmental Restoration at Military Installations to be Closed - Requires, with respect to each military installation which is on the National Priorities List for substantial environmental cleanup and which is to be closed: (1) that at least 75 percent of the required environmental remedial actions be completed before the installation is closed or substantial reductions in its operations have occurred; and (2) that all of the required remedial action be completed no later than two years after such closure or reduction. Title II: Tax Incentives Relating to Federal Military Base Closures and Realignments - Amends the Internal Revenue Code to treat any Federal military installation employee whose job is terminated by reason of installation closure or realignment as a member of a targeted group for purposes of the targeted jobs credit. Reduces the depreciation recapture rate for businesses that acquire buildings on such bases. Increases the amount which may be expensed for the cost of new equipment placed in service. Provides for the treatment of compensation paid for losses sustained in a private sale of a residence as part of the amount realized on the sale of the residence. Title III: Economic Adjustment and Conversion Assistance - Amends the Defense Economic Adjustment, Diversification, Conversion, and Stabilization Act of 1990 to direct the Economic Development Administration to ensure that economic adjustment assistance funds are reserved for communities most substantially and seriously affected by the closure or realignment of a military installation or the curtailment, completion, elimination, or realignment of a major defense contract. Extends through FY 1995 the authorization of appropriations for such assistance. Directs the Secretary of Defense to establish a program to guarantee loans to civilian DOD employees of a military installation to be closed or realigned. Requires the average amount of assistance authorized for a State or local government affected by the closure of a military installation for planning community adjustments and economic diversification to be at least $250,000 per year during the course of such closure. Extends through FY 1995 the authorization of appropriations for training, adjustment assistance, and employment services to employees adversely affected by closures of military installations. Directs the Secretary to convey to an eligible State or local government title to a military installation closed in such area. Directs the Secretary to transmit to State and political subdivisions advance notification of the intention to convey property of the installation. Provides the order of priority for the conveyance. Authorizes the President to waive property conveyance requirements for national security reasons or if a conveyance would constitute an undue windfall not necessary for a community's economic recovery. Directs the Secretary to provide economic adjustment and community planning assistance to communities near the closed military installation until such time as economic stability is achieved. Authorizes the Secretary and any other Federal agency head to continue, after closure of an installation is approved by the President, to obligate funds for improvements to the property that will facilitate its conveyance and that are consistent with the use to be made of the property. Directs the Secretary to give preference to local businesses and small business concerns for contracts relating to the closure or realignment of a military installation. Directs the Secretary to provide homeowners assistance under the Demonstration Cities and Metropolitan Development Act of 1966 to eligible employees of local educational agencies adversely affected by military base closures.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 March 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 9 March 1993

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• Introduced in House

  summary · EN · 9 March 1993

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