To amend the Internal Revenue Code of 1986 to extend bond authority for those empowerment and enterprise zones with unused bond limitation at the end of 2011.

Amends the Internal Revenue Code to extend through 2012 the authority for issuance of bonds in empowerment and enterprise zones with unused bond limitations.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3478 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3478

To amend the Internal Revenue Code of 1986 to extend bond authority for 
 those empowerment and enterprise zones with unused bond limitation at 
                            the end of 2011.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 18, 2011

 Mr. Gonzalez 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 extend bond authority for 
 those empowerment and enterprise zones with unused bond limitation at 
                            the end of 2011.

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

SECTION 1. EXTENSION OF BOND AUTHORITY FOR EMPOWERMENT AND ENTERPRISE 
              ZONES WITH UNUSED BOND LIMITATION.

    (a) Empowerment Zones With Unused Bond Limitation.--Section 1394 of 
the Internal Revenue Code of 1986 is amended by adding at the end the 
following new subsection:
    ``(g) Special Rule Relating to Termination of Empowerment Zone.--
Notwithstanding section 1391(d)(1)(A), in the case of any empowerment 
zone with respect to which there is unused limitation under subsection 
(c)(1)(A) or (f)(2)(B) on December 31, 2011, this section shall be 
effective and apply to any bond issued before January 1, 2013.''.
    (b) District of Columbia Enterprise Zone.--Subsection (b) of 
section 1400A of such Code is amended by inserting before the period 
the following: ``, except as provided by section 1394(g)''.
    (c) Effective Date.--The amendments made by subsection (a) shall 
apply to bonds issued on or after December 31, 2011.
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