§1397D. Qualified zone property defined — Inbound Citations
26 U.S.C. § 1397D
Cited by 8 provisions in release 119-102.
Citations to 26 U.S.C. § 1397D as a whole
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(2) The term “qualified zone property” has the meaning given such term by section 1397D; except that—(A) the references to empowerment zones shall be treated as including references to enterprise communities, and(B) section 1397D(a)(2) shall be applied by substituting “an amount equal to 15 percent of the adjusted basis” for “an amount equal to the adjusted basis”.
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(A) in the case of obligations issued before January 1, 2002, only empowerment zones designated under section 1391(g) were taken into account under sections 1397C and 1397D, and
Citations to §1397D(a)(1)
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(1) The term “enterprise zone facility” means any qualified zone property the principal user of which is an enterprise zone business, and any land which is functionally related and subordinate to such property.
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(2) The term “qualified zone property” has the meaning given such term by section 1397D; except that—(A) the references to empowerment zones shall be treated as including references to enterprise communities, and(B) section 1397D(a)(2) shall be applied by substituting “an amount equal to 15 percent of the adjusted basis” for “an amount equal to the adjusted basis”.
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(B) the cost of section 179 property which is qualified zone property placed in service during the taxable year, and
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(2) the amount taken into account under section 179(b)(2) with respect to any section 179 property which is qualified zone property shall be 50 percent of the cost thereof.
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(b) Rules similar to the rules under section 179(d)(10) shall apply with respect to any qualified zone property which ceases to be used in an empowerment zone by an enterprise zone business.
Citations to §1397D(a)(2)
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(B) section 1397D(a)(2) shall be applied by substituting “an amount equal to 15 percent of the adjusted basis” for “an amount equal to the adjusted basis”.