A bill 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.

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.

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Timeline

1. 30 January 1997

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 30 January 1997

   Introduced

   Sponsor introductory remarks on measure. (CR S856-857, S860-862)

   Source: IntroReferral

3. 30 January 1997

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 30 January 1997 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 January 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 January 1997

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 30 January 1997

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Moseley-Braun, Carol [D-IL] · D · Sponsor
• Sen. Abraham, Spencer [R-MI] · R · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. Jeffords, James M. [I-VT] · R · Sponsor
• Sen. Lieberman, Joseph I. [ID-CT] · D · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• Sen. Murray, Patty [D-WA] · D · Sponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → 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.