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<PRE>[DOCID: f:s1957is.txt]






107th CONGRESS
  2d Session
                                S. 1957

 To amend the Internal Revenue Code of 1986 to provide for additional 
                  designations of renewal communities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 15, 2002

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide for additional 
                  designations of renewal communities.

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

SECTION 1. ADDITIONAL DESIGNATIONS OF RENEWAL COMMUNITIES.

    (a) In General.--Section 1400E of the Internal Revenue Code of 1986 
(relating to designation of renewal communities) is amended by 
redesignating subsection (f) as subsection (g) and by inserting after 
subsection (e) the following new subsection:
    ``(f) Additional Designations Permitted.--
            ``(1) In general.--In addition to the areas designated 
        under subsection (a), the Secretary of Housing and Urban 
        Development may designate in the aggregate an additional 20 
        nominated areas as renewal communities under this section, 
        subject to the availability of eligible nominated areas. Of 
        that number, not less than 5 shall be designated in areas 
        described in subsection (a)(2)(B).
            ``(2) Period designations may be made and take effect.--A 
        designation may be made under this subsection after the date of 
        the enactment of this subsection and before January 1, 2003. 
        Subject to subparagraphs (B) and (C) of subsection (b)(1), such 
        designations shall remain in effect during the period beginning 
        on January 1, 2003, and ending on December 31, 2010.
            ``(3) Modifications to eligibility determinations.--The 
        rules of this section shall apply to designations under this 
        subsection, except that population and poverty rate shall be 
        determined by using the most recent census data available.''.
    (b) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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