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More Power for Empowerment Zones Act of 1996

Introduced: April 15, 1996 See on congress.gov
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 Everywhere this bill has been 11 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 22, 1996
Executive Comment Requested from DOD.
May 17, 1996
Referred to the Subcommittee on Commercial and Administrative Law.
May 6, 1996
Referred to the Subcommittee on Early Childhood, Youth and Families.
Apr 29, 1996
Referred to the Subcommittee on Surface Transportation.
Apr 29, 1996
Referred to the Subcommittee on Water Resources and Environment.
Apr 29, 1996
Referred to the Subcommittee on Aviation.
Apr 23, 1996
Referred to the Subcommittee on Commerce, Trade, and Hazardous Materials, for a period to be subsequently determined by the Chairman.
Apr 19, 1996
Referred to the Subcommittee on Housing and Community Opportunity.
Apr 18, 1996
Referred to the Subcommittee on National Economic Growth, Natural Resources and Regulatory Affairs.
Apr 15, 1996
Referred to the Committee on Ways and Means, and in addition to the Committees on Banking and Financial Services, Government Reform and Oversight, Transportation and Infrastructure, Economic and Educational Opportunities, International Relations, Commerce, the Judiciary, National Security, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Apr 15, 1996
Introduced in House
 Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: Tax Treatment of Empowerment Zones and Enterprise

Communities

Subtitle A: Designation of Additional Empowerment Zones

Subtitle B: Increased Incentives for Empowerments Zones

and Enterprise Communities

Subtitle C: Brownfields Redevelopment Act

Title II: Assistance for Infrastructure Improvements and

Development

Title III: Additional Benefits for Empowerment Zones and

Enterprise Communities

Title IV: Regulatory Flexibility

More Power for Empowerment Zones Act of 1996 - Title I: Tax Treatment of Empowerment Zones and Enterprise Communities - Subtitle A: Designation of Additional Empowerment Zones - Amends the Internal Revenue Code to authorize the designation of additional empowerment zones.

Subtitle B: Increased Incentives for Empowerments Zones and Enterprise Communities - Modifies requirements regarding: (1) the tax exempt status of enterprize zone facility bonds; and (2) expensing.

(Sec. 114) Excludes from gross income capital gains on zone assets. Allows deductions for the purchase of enterprise zone stock.

(Sec. 115) Allows a business investment deduction for commercial revitalization.

Subtitle C: Brownfields Redevelopment Act - Allows: (1) a business credit for empowerment zones for 50 percent of the costs of environmental remediation; and (2) the use of redevelopment bonds for environmental remediation.

Title II: Assistance for Infrastructure Improvements and Development - Authorizes the Secretary of Housing and Urban Development to: (1) guarantee debt instruments issued by local governments or their designated agencies to finance infrastructure activities to be carried out in empowerment zones or enterprise communities; and (2) require the local government to provide security. Mandates a revolving fund to make loans to local governments for infrastructure activities in empowerment zones or enterprise communities. Authorizes grants to local governments for infrastructure activities in empowerment zones or enterprise communities.

Title III: Additional Benefits for Empowerment Zones and Enterprise Communities - Give Students the Power to Work Program Act - Authorizes grants to local educational agencies in empowerment zones to provide students with employment skills and technologies necessary to sustain or improve businesses and industries in the zones. Authorizes appropriations.

(Sec. 302) Requires that, notwithstanding any other provision of law, at least 15 percent of U.S. assistance under the Foreign Assistance Act of 1961, the Arms Export Control Act, and the Support for East European Democracy (SEED) Act of 1989 be provided in the form of credits that may only be used for the purchase of U.S. goods produced, manufactured, or assembled in empowerment zones, enterprise communities, or enterprise zones in the United States.

(Sec. 303) Amends the Federal Property and Administrative Services Act of 1949 and provisions of Federal law relating to the armed forces to require that at least 15 percent of procurement be obligated for contracts to be carried out by entities in empowerment zones or enterprise communities.

(Sec. 304) Amends the Solid Waste Disposal Act to require that certain items be procured from entities in empowerment zones or enterprise communities.

(Sec. 305) Authorizes grants to a State or local government for innovative programs for the transportation needs of an empowerment zone. Authorizes appropriations.

Title IV: Regulatory Flexibility - Amends Federal law to include enterprise zone businesses, units of government that nominate empowerment zones or enterprise communities, and nonprofit enterprises carrying out a significant portion of their activities in such a zone or community in the definition of "small entity" for provisions relating to analysis of regulatory functions. Authorizes an agency to waive or modify all or part of any rule the agency has the authority to promulgate concerning activities in such a zone or community.

What's happening now May 22, 1996

Executive Comment Requested from DOD.

 Committees of jurisdiction 18
 Cosponsors 2
All 2 Democratic 2