Page:United States Statutes at Large Volume 114 Part 5.djvu/627

 PUBLIC LAW 106-554—APPENDIX G 114 STAT. 2763A-587 APPENDIX G—H.R. 5662 SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE. (a) SHORT TITLE.— This Act may be cited as the "Community Renewal Tax Rehef Act of 2000". (b) AMENDMENT OF 1986 CODE.— Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) TABLE OF CONTENTS.— The table of contents for this Act is as follows: Sec. 1. Short title; amendment of 1986 Code. TITLE I—COMMUNITY RENEWAL AND NEW MARKETS Subtitle A—Tax Incentives for Renewal Communities Sec. 101. Designation of and tax incentives for renewal communities. Sec. 102. Work opportunity credit for hiring youth residing in renewal communities. Subtitle B—Extension and Expansion of Empowerment Zone Incentives Sec. 111. Authority to designate nine additional empowerment zones. Sec. 112. Extension of empowerment zone treatment through 2009. Sec. 113. Twenty percent employment credit for all empowerment zones. Sec. 114. Increased expensing under section 179. Sec. 115. Higher limits on tax-exempt empowerment zone facility bonds. Sec. 116. Nonrecognition of gain on rollover of empowerment zone investments. Sec. 117. Increased exclusion of gain on sale of empowerment zone stock. Subtitle C—New Markets Tax Credit Sec. 121. New markets tax credit. Subtitle D—Improvements in Low-Income Housing Credit Sec. 131. Modification of State ceiling on low-income housing credit. Sec. 132. Modification of criteria for allocating housing credits among projects. Sec. 133. Additional responsibilities of housing credit agencies. Sec. 134. Modifications to rules relating to basis of building which is eligible for credit. Sec. 135. Other modifications. Sec. 136. Carryforward rules. Sec. 137. Effective date. Subtitle E—Other Community Renewal and New Markets Assistance PART I—PROVISIONS RELATING TO HOUSING AND SUBSTANCE ABUSE PREVENTION AND TREATMENT Sec. 141. Transfer of unoccupied and substandard HUD-held housing to local governments and community development corporations. Sec. 142. Transfer of HUD assets in revitalization areas. Sec. 143. Risk-sharing demonstration. Sec. 144. Prevention and treatment of substance abuse; services provided through religious organizations. PART II—^ADVISORY COUNCIL ON COMMUNITY RENEWAL Sec. 151. Short title.

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