Page:United States Statutes at Large Volume 114 Part 5.djvu/641

 PUBLIC LAW 106-554—APPENDIX G 114 STAT. 2763A-601 " (4) EMPOWERMENT ZONES WHICH BECOME RENEWAL COMMUNITIES.— The number of areas which may be designated as empowerment zones under this subsection shall be increased by 1 for each area which ceases to be an empowerment zone by reason of section 1400E(e). Each additional area designated by reason of the preceding sentence shall have the same urban or rural character as the area it is replacing.". SEC. 112. EXTENSION OF EMPOWERMENT ZONE TREATMENT THROUGH 2009. Subparagraph (A) of section 1391(d)(1) (relating to period for which designation is in effect) is amended to read as follows: "(A)(i) in the case of an empowerment zone, December 31, 2009, or "(ii) in the case of an enterprise community, the close of the 10th calendar year beginning on or after such date of designation,". SEC. 113. 20 PERCENT EMPLOYMENT CREDIT FOR ALL EMPOWERMENT ZONES. (a) 20 PERCENT CREDIT. — Subsection (b) of section 1396 (relating to empowerment zone employment credit) is amended to read as follows: "(b) APPLICABLE PERCENTAGE.— For purposes of this section, the applicable percentage is 20 percent.". (b) ALL EMPOWERMENT ZONES ELIGIBLE FOR CREDIT. —Section 1396 is amended by striking subsection (e). (c) CONFORMING AMENDMENT.—Subsection (d) of section 1400 is amended to read as follows: "(d) SPECIAL RULE FOR APPLICATION OF EMPLOYMENT CREDIT.— With respect to the DC Zone, section 1396(d)(1)(B) (relating to empowerment zone employment credit) shall iDe applied by substituting 'the District of Columbia' for 'such empowerment zone.. (d) EFFECTIVE DATE. —The amendments made by this section shall apply to wages paid or incurred after December 31, 2001. SEC. 114. INCREASED EXPENSING UNDER SECTION 179. (a) IN GENERAL. —Subparagraph (A) of section 1397A(a)(l) is amended by striking "$20,000" and inserting "$35,000". (b) EXPENSING FOR PROPERTY USED IN DEVELOPABLE SITES. — Section 1397A is amended by striking subsection (c). (c) EFFECTIVE DATE. —The amendments made by this section shall apply to taxable years beginning after December 31, 2001. SEC. 115. HIGHER LIMITS ON TAX-EXEMPT EMPOWERMENT ZONE FACILITY BONDS. (a) IN GENERAL. — Paragraph (3) of section 1394(f) (relating to bonds for empowerment zones designated under section 1391(g)) is amended to read as follows: "(3) EMPOWERMENT ZONE FACILITY BOND. —For purposes of this subsection, the term 'empowerment zone facility bond' means Einy bond which would be described in subsection (a) if— "(A) in the case of obligations issued before January 1, 2002, only empowerment zones designated under section 1391(g) were taken into account under sections 1397C and 1397D, and 79-194O-00 - 21: QL3Part5

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