Section 1 Short title
This Act may be cited as the “Growth Zones Opportunity Act”.
Growth Zones Opportunity Act
A BILL
To amend the Internal Revenue Code of 1986 to extend the tax incentives for empowerment zones and renewal communities.
Sec. 2 Extension of empowerment zone tax incentives
In general— Clause (i) of section 1391(d)(1)(A) of the Internal Revenue Code of 1986 is amended by striking “December 31, 2013” and inserting “December 31, 2020”.
Increased exclusion of gain on stock of empowerment zone businesses— Subparagraph (C) of section 1202(a)(2) of such Code is amended—
by striking “December 31, 2018” and inserting “December 31, 2025”; and
by striking “2018” in the heading and inserting “2025”.
Treatment of certain termination dates specified in nominations— In the case of a designation of an empowerment zone the nomination for which included a termination date which is contemporaneous with the date specified in subparagraph (A)(i) of section 1391(d)(1) of the Internal Revenue Code of 1986 (as in effect before the enactment of this Act), subparagraph (B) of such section shall not apply with respect to such designation if, after the date of the enactment of this section, the entity which made such nomination amends the nomination to provide for a new termination date in such manner as the Secretary of the Treasury (or the Secretary’s designee) may provide.
Effective date— The amendments made by this section shall apply to periods after December 31, 2013.
Sec. 3 Extension of renewal community tax incentives
Additional period— Section 1400E(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(3) Additional period—In the case of any designation of an area as a renewal community which terminated under subparagraph (A) or (B) of paragraph (1) on December 31, 2009—
“(A) such designation shall be in effect for an additional period beginning on January 1, 2014 and ending on December 31, 2020,
“(B) sections 1400F shall be applied with respect to such area for such additional period—
“(i) by substituting “December 31, 2013” for “December 31, 2001” each place it appears,
“(ii) by substituting “January 1, 2014” for “January 1, 2002” each place it appears,
“(iii) by substituting “January 1, 2021” for “January 1, 2010” each place it appears, and
“(iv) by substituting “December 31, 2025” for “December 31, 2014” each place it appears, and
“(C) section 1400J shall be applied with respect to such area for such additional period—
“(i) by substituting “December 31, 2013” for “December 31, 2001”, and
“(ii) by substituting “January 1, 2021” for “January 1, 2010”.”
Effective date— The amendment made by this section shall apply to periods after December 31, 2013.