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United States · Bill · HR

H.R. 505 (105th)

To amend the Internal Revenue Code of 1986 to encourage economic development through the creation of additional empowerment zones and enterprise communities and to encourage the cleanup of contaminated brownfield sites.

referredUnited States· United States Congress· EN

Introduced

4 February 1997

Last action

4 February 1997 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Rangel, Charles B. [D-NY-19], Rep. Fattah, Chaka [D-PA-2], Rep. Matsui, Robert T. [D-CA-3], Rep. Coyne, William J. [D-PA-14], Rep. McDermott, Jim [D-WA-7], JOHN LEWIS, Richard Neal, Rep. Jefferson, William J. [D-LA-2], JOHN CONYERS, Rep. Dellums, Ronald V. [D-CA-8], Rep. Foglietta, Thomas M. [D-PA-1], Rep. Towns, Edolphus [D-NY-11], JOSE SERRANO, Maxine Waters, Sanford Bishop, James Clyburn, Rep. Meek, Carrie P. [D-FL-17], Earl Blumenauer, Rep. Jackson, Jesse L., Jr. [D-IL-2], Rep. Kennelly, Barbara B. [D-CT-1], Rep. Kleczka, Gerald D. [D-WI-4], Rep. Ackerman, Gary L. [D-NY-7], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Watt, Melvin L. [D-NC-12], Rep. Stark, Fortney Pete [D-CA-9], Rep. Davis, Danny K. [D-IL-7], Rep. Barrett, Thomas M. [D-WI-5], Rep. Bentsen, Ken [D-TX-25], Rosa DeLauro, Rep. Cardin, Benjamin L. [D-MD-3], MIKE DOYLE

Subjects

Environment, Taxation

Source updated

7 February 2024

Environment · Taxation

Official sourceDownload fileView documentsShare

Summary

TABLE OF CONTENTS: Title I: Additional Empowerment Zones Title II: New Empowerment Zones and Enterprise Communities Title III: Expensing of Environmental Remediation Costs Title I: Additional Empowerment Zones - Amends the Internal Revenue Code to increase from: (1) 9 to 11 the number of areas which may be designated as empowerment zones; (2) six to eight the number of such zones which may be in urban areas; and (3) 750,000 to 1,000,000 the aggregate population allowable in all urban area zones. Title II: New Empowerment Zones and Enterprise Communities - Permits, before January 1, 1998, the designation, in the aggregate, of an additional: (1) 80 nominated areas as enterprise communities; and (2) 20 nominated areas as empowerment zones, subject to availability of eligible nominated areas. Modifies eligibility criteria. Prohibits: (1) applying the employment credit to the new empowerment zones; and (2) in certain developable sites, application of increased expensing provisions for certain depreciable business assets. Modifies provisions concerning: (1) enterprise facility zone bonds; and (2) the enterprise zone business definition. Title III: Expensing of Environmental Remediation Costs - Permits a taxpayer to treat certain hazardous substance remediation expenditures as expenses not chargeable to capital account and therefore deductible in the year in which paid or incurred.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 4 February 1997

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 4 February 1997

    Introduced

    Sponsor introductory remarks on measure. (CR E148)

    Source: IntroReferral

  3. 4 February 1997

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 4 February 1997

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

View fileDownload file

Sponsors

Related records

Sources

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