Page:United States Statutes at Large Volume 111 Part 1.djvu/909

 PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 885 (b) CLERICAL AMENDMENT.— The table of sections for part VI of subchapter B of chapter 1 is amended by adding at the end the following new item: "Sec. 198. Expensing of environmental remediation costs.". (c) EFFECTIVE DATE. —The amendments made by this section 26 USC 198 note. shall apply to expenditures paid or incurred after the date of the enactment of this Act, in taxable years ending after such date. Subtitle F—Empowerment Zones, Enterprise Communities, Broivnfields, and Community Development Financial Institutions CHAPTER 1—ADDITIONAL EMPOWERMENT ZONES SEC. 951. ADDITIONAL EMPOWERMENT ZONES. (a) IN GENERAL.— Paragraph (2) of section 1391(b) (relating to designations of empowerment zones and enterprise communities) is amended— (1) by striking "9" and inserting "11", (2) by striking "6" and inserting "8", and (3) by striking "750,000" and inserting "1,000,000". (b) SPECLU. RULES FOR APPLICATION OF EMPLOYMENT CREDIT. — Subsection (b) of section 1396 (relating to empowerment zone employment credit) is amended— (1) by striking so much of the subsection as precedes the table and inserting the following: "(b) APPLICABLE PERCENTAGE.—For purposes of this section— "(1) IN GENERAL.— Except as provided in paragraph (2), the term 'applicable percentage' means the percentage determined in accordance with the following table:", and (2) by adding at the end the following new paragraph: "(2) SPECIAL RULE. —W ith respect to each empowerment zone designated pursuant to the amendments made by the Taxpayer Relief Act of 1997 to section 1391(b)(2), the following table shall apply in lieu of the table in paragraph (1): The applicable "In the case of wages paid or percentage incurred during calendar year— is— 2000 through 2004 20 2005 15 2006 10 2007 5.". (c) EFFECTIVE DATE. —The amendments made by this section 26 USC 1391 shall take effect on the date of the enactment of this Act, except note, that designations of new empowerment zones made pursuant to such amendments shall be made during the 180-day period beginning on the date of the enactment of this Act. No designation pursuant to such amendments shall take effect before January 1, 2000.

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