To amend the Internal Revenue Code of 1986 to expand the tax benefits for the New York Liberty Zone.

Amends the Internal Revenue Code, as amended by the Job Creation and Worker Assistance Act of 2002, to: (1) extend, for five additional years, the Liberty bonds expiration date; (2) increase, from $1.6 billion to $3.0 billion, the amount of Liberty bonds that can be used for residential development projects; and (3) eliminate the 100,000 square foot minimum for certain electric generation facilities outside the Liberty Zone.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3508 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 3508

 To amend the Internal Revenue Code of 1986 to expand the tax benefits 
                     for the New York Liberty Zone.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 18, 2003

  Mr. Houghton (for himself and Mr. Rangel) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to expand the tax benefits 
                     for the New York Liberty Zone.

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

SECTION 1. EXPANSION OF NEW YORK LIBERTY ZONE TAX BENEFITS.

    (a) Extension of Tax-Exempt Bond Financing.--Subparagraph (D) of 
section 1400L(d)(2) of the Internal Revenue Code of 1986 is amended by 
striking ``2005'' and inserting ``2010''.
    (b) Increase in Maximum Amount of Bonds for Residential Property.--
Clause (ii) of section 1400L(d)(3)(B) of such Code is amended by 
striking ``$1,600,000,000'' and inserting ``$3,000,000,000''.
    (c) Elimination of Square Footage Requirement for Non-Public 
Utility Projects.--
            (1) In general.--Subparagraph (B) of section 1400L(d)(4) of 
        such Code is amended to read as follows:
                    ``(B) Costs for certain property outside zone 
                included.--In the case of certain property located 
                outside the New York Liberty Zone but within the City 
                of New York, such term includes the cost of--
                            ``(i) acquisition, construction, 
                        reconstruction, and renovation of 
                        nonresidential real property (including fixed 
                        tenant improvements associated with such 
                        property), if such property is part of a 
                        project which consists of at least 100,000 
                        square feet of usable office or other 
                        commercial space located in a single building 
                        or multiple adjacent buildings, or
                            ``(ii) acquisition, construction, and 
                        installation of real and personal property for 
                        one or more electric generation facilities with 
                        an installed capacity of no more than 300 
                        megawatts each.''.
            (2) Installed capacity defined.--Paragraph (4) of section 
        1400L(d) of such Code is amended by adding at the end the 
        following new subparagraph:
                    ``(C) Installed capacity defined.--The term 
                `installed capacity' means, with respect to any site, 
                the installed capacity of all electrical generating 
                equipment placed in service at such site. Such term 
                includes the capacity of equipment installed during the 
                3 taxable years following the taxable year in which the 
                equipment is placed in service.''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to property placed in service after December 31, 
        2003.
    (d) Election Out Technical Amendment.--
            (1) In general.--Subsection (c) of section 1400L of such 
        Code is amended by adding at the end the following new 
        paragraph:
            ``(5) Election out.--For purposes of this subsection, rules 
        similar to the rules of section 168(k)(2)(C)(iii) shall 
        apply.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect as if included in the amendments made by 
        section 301 of the Job Creation and Worker Assistance Act of 
        2002.
                                 <all>