H.R.15 - Enterprise Zone Community Development Act of 1993103rd Congress (1993-1994)
Summary: H.R.15 — 103rd Congress (1993-1994)
Introduced in House (01/05/1993)
TABLE OF CONTENTS:
Title I: Urban Tax Enterprise Zones and Rural Development
Subtitle A: Designation and Tax Incentives
Subtitle B: Redevelopment Bonds for Tax Enterprise Zones
Subtitle C: Expansion of Targeted Jobs Credit
Subtitle D: Credit for Contributions to Certain
Community Development Corporation
Subtitle E: Report
on Number of Areas Meeting Enterprise Zone Criteria
Title II: Authorization for Additional Assistance to
Subtitle A: National Public-Private Partnership
Subtitle B: Block Grant Funding for Eligible Programs
Subtitle C: Other Programs
Enterprise Zone Community Development Act of 1993 - Title I: Urban Tax Enterprise Zones and Rural Development Investment Zones - Declares it to be the purpose of this Act to establish a demonstration program of providing incentives for the creation of tax enterprise zones in order to: (1) revitalize economically and physically distressed areas; (2) promote meaningful employment for zone residents; and (3) encourage individuals to reside in the zones in which they are employed.
Subtitle A: Designation and Tax Incentives - Amends the Internal Revenue Code to provide for the designation of tax enterprise zones during calendar years after 1992 and before 1999: (1) by the Secretary of Housing and Urban Development (HUD), in the case of an urban tax enterprise zone; and (2) by the Secretary of Agriculture, in consultation with the Secretary of Commerce, in the case of a rural development investment zone.
Sets forth the eligibility criteria for such designation for urban tax enterprise zones and for rural development investment zones.
Allows an enterprise zone employment credit to small employers and tax-exempt organizations as a general business credit of 15 percent of the qualified zone wages. Allows such credit for the first five years of the employee's employment.
Allows a deduction for the purchase of enterprise zone stock paid in cash.
Excludes from gross income 50 percent of qualified capital gain recognized on the sale or exchange of a new qualified zone asset held for more than ten years.
Subtitle B: Redevelopment Bonds for Tax Enterprise Zones - Sets forth special rules for tax-exempt redevelopment bonds which provide financing for tax enterprise zones for the first 60-month period after a zone is so designated.
Subtitle C: Expansion of Targeted Jobs Credit - Includes economically disadvantaged zone residents as members of a targeted group.
Subtitle D: Credit for Contributions to Certain Community Development Corporations - Allows a general business tax credit for contributions to selected community development corporations to provide employment of, and business opportunities for, low-income individuals who are residents of the operational area of the community.
Subtitle E: Report on Number of Areas Meeting Enterprise Zone Criteria - Directs the Secretary of the Treasury to report to the Congress on the number of areas which satisfy the tax enterprise zone eligibility criteria and the estimated cost to the Government if all such areas were designated as tax enterprise zones.
Title II: Authorization for Additional Assistance to Distressed Communities - Subtitle A: National Public-Private Partnership Programs - Expresses the sense of the Congress that public-private partnerships between government and community-based organizations offer an opportunity to empower residents of low-income distressed communities and to forge innovative solutions to the challenges confronting these communities and that increased resources should be invested in such partnerships.
Authorizes appropriations to promote certain national public-private partnerships for FY 1993 through 2002. Specifies amounts to be available only for projects or activities that directly and principally benefit the residents of tax enterprise zones.
Subtitle B: Block Grant Funding for Eligible Programs - Authorizes appropriations for FY 1993 through 2002 for urban enterprise zones and rural development investment zones. Provides for the allocation and use of such amounts for carrying out selected programs within such zones. Specifies the eligible programs in the areas of: (1) crime and criminal justice; (2) job training; (3) education; (4) health and nutrition; and (5) housing and community development. Sets forth requirements for applying for funding.
Establishes an interagency council to provide administrative assistance for functions under this title. Requires the council, one year after enactment of this Act, to report to the Congress on: (1) any alternative methods or systems for allocation of amounts made available for enterprise zones; and (2) any problems experienced in the implementation and administration of this subtitle.
Subtitle C: Other Programs - Amends the Housing and Community Development Act of 1974 to waive the cap on assistance under the community development block grant program for units of general local government located within or containing an urban tax enterprize zone.
Authorizes the Secretary of (HUD) to make loan guarantees for such units of local government for development activities.
Amends the Job Training Partnership Act to establish the youth adult employment demonstration program to assist young adults with education, job training, and employment services in tax enterprise zones.
National Community Economic Partnership Act of 1993 - Authorizes the Secretary of Health and Human Services to provide nonrefundable lines of credit to community development corporations for the establishment, maintenance, or expansion of revolving loan funds to be utilized to finance projects intended to provide business and employment opportunities for low-income, unemployed, or underemployed individuals and to improve the quality of life in urban and rural areas.
Provides assistance to community development corporations to upgrade the management and operating capacity of such corporations and to enhance the resources available to enable such corporations to increase their community economic development activities.
Authorizes the Secretary to award grants to emerging community development corporations to enable them to establish, maintain or expand revolving loan funds, to make capital or guarantee loans, or to make investments in new or expanding businesses.
Requires the Secretary to award grants to organizations to enable them to undertake programs involving research, testing, studies or demonstrations related to community economic development.
Directs the Secretary to develop and promulgate joint community development activity programs with other agencies.
Enterprise Capital Access Fund Demonstration Program - Establishes a demonstration program to provide loans and technical assistance grants to nonprofit financial intermediaries in order to finance business and employment opportunities, low-income housing opportunities, and neighborhood revitalization projects.
Establishes within HUD an Office of Community Banking to carry out this section.
Directs the Secretary of Labor, in consultation with the Secretary of Transportation, to establish a Reverse Commuting Demonstration Program to test the effects of assisting residents of poor inner-city areas to commute to job sites in other areas of the city or surrounding suburbs.
Directs the Comptroller General to report to the Congress on an assessment of the market availability of insurance for businesses and residences located in central cities and distressed urban areas and the impact of the availability of such insurance on the economic development or redevelopment of such areas.