To amend the Internal Revenue Code of 1986 to allow employers in renewal communities to qualify for the renewal community employment credit by employing residents of certain other renewal communities.

April 11, 2003

Ms. LANDRIEU introduced the following bill; which was read twice and referred to the Committee on Finance

To amend the Internal Revenue Code of 1986 to allow employers in renewal communities to qualify for the renewal community employment credit by employing residents of certain other renewal communities.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Renewal Community Employment Credit Improvement Act'.

SEC. 2. RENEWAL COMMUNITY EMPLOYERS MAY QUALIFY FOR EMPLOYMENT CREDIT BY EMPLOYING RESIDENTS OF CERTAIN OTHER RENEWAL COMMUNITIES.

(a) IN GENERAL- Section 1400H(b)(2) of the Internal Revenue Code of 1986 (relating to modification) is amended by striking `and' at the end of paragraph (1), by striking the period at the end of paragraph (2) and inserting `, and', and by adding at the end the following new paragraph:

`(3) subsection (d)(1)(B) thereof shall be applied by substituting `such renewal community, an adjacent renewal community within the same State as such renewal community, or a renewal community within such State which is within 5 miles of any border of such renewal community' for `such empowerment zone'.'.

(b) EFFECTIVE DATE- The amendments made by this section shall take effect as if included in the amendment made by section 101(a) of the Community Renewal Tax Relief Act of 2000.

END