Page:United States Statutes at Large Volume 114 Part 5.djvu/629

 PUBLIC LAW 106-554—APPENDIX G 114 STAT. 2763A-589 TITLE I—COMMUNITY RENEWAL AND NEWMARKETS Subtitle A—Tax Incentives for Renewal Communities SEC. 101. DESIGNATION OF AND TAX INCENTIVES FOR RENEWAL COMMUNITIES. (a) IN GENERAL. — Chapter 1 is amended by adding at the end the following new subchapter: "Subchapter X—Renewal Communities "Part I. Designation. "Part II. Renewal community capital gain; renewal community business. "Part III. Additional incentives. "PART I—DESIGNATION "Sec. 1400E. Designation of renewal communities. "SEC. 1400E. DESIGNATION OF RENEWAL COMMUNITIES. "(a) DESIGNATION.— "(1) DEFINITIONS.—For purposes of this title, the term 'renewal community' means any area— "(A) which is nominated by 1 or more local governments and the State or States in which it is located for designation as a renewal community (hereafter in this section referred to as a 'nominated area'), and "(B) which the Secretary of Housing and Urban Development designates as a renewal community, after consultation with— "(i) the Secretaries of Agriculture, Commerce, Labor, and the Treasury; the Director of the Office of Management and Budget, and the Administrator of the Small Business Administration, and "(ii) in the case of an area on an Indian reservation, the Secretary of the Interior. "(2) NUMBER OF DESIGNATIONS. — "(A) IN GENERAL. —Not more than 40 nominated areas may be designated as renewal communities. " (B) MINIMUM DESIGNATION IN RURAL AREAS. —Of the areas designated under paragraph (1), at least 12 must be areas— "(i) which are within a local government jurisdiction or jurisdictions with a population of less than 50,000, "(ii) which are outside of a metropolitan statistical area (within the meaning of section 143(k)(2)(B)), or "(iii) which are determined by the Secretary of Housing and Urban Development, after consultation with the Secretary of Commerce, to be rural areas. " (3) AREAS DESIGNATED BASED ON DEGREE OF POVERTY, ETC.— "(A) IN GENERAL.— Except as otherwise provided in this section, the nominated areas designated as renewal

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