Key Vote 106th Congress > House > Vote 1036
Clerk session vote number: 430
Description: Community Renewal and New Markets Act
Bill summary: Community Renewal and New Markets Act of 2000 - Amends the Internal Revenue Code to provide for the nomination (based on the degree of poverty) of up to 40 areas as renewal communities, of which at least eight must be in rural areas. Provides for increased expensing of business costs and tax credits and deductions with respect to such areas.
Provides for the designation of nine additional empowerment zones, an extension of enterprise zone treatment through calendar year 2009, increased
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expensing in such zones, and other modifications to the treatment of zone investments.
Establishes a new markets tax credit for equity investments in qualified community development entities.
Modifies the low-income housing credit and the criteria for allocating credits among projects.
Provides for an accelerated phase-in of specified increases in the volume cap on private activity bonds.
America's Private Investment Companies Act - Authorizes the Secretary of Housing and Urban Development to license community development entities as America's Private Investment Companies (for-profit investment companies formed to make equity and credit investments for large-scale business development in low-income communities).
Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 to direct the Secretary of Housing and Urban Development to transfer ownership of qualified HUD-held properties (substandard or unoccupied multifamily or unoccupied single family properties) to local governments and community development corporations under specified conditions.
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Bill titles: To amend the Internal Revenue Code of 1986 to provide tax incentives for the renewal of distressed communities, to provide for 9 additional empowerment zones and increased tax incentives for empowerment zone development, to encourage investments in new markets, and for other purposes.
Links for more info on the vote: congress.gov
