United States Congress
104th Congress – S. 1533
Bill Summary & Status
S.1533
SPONSOR: Sen McCain (introduced 01/26/96)
- SHORT TITLE(S) AS INTRODUCED:
Community Renewal and Economic Opportunity Act - OFFICIAL TITLE AS INTRODUCED:
A bill to provide an opportunity for community renewal and economic growth in empowerment zones and enterprise communities, and for other purposes.
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STATUS: Detailed Legislative Status
- Jan 26, 96:
- Read twice and referred to the Committee on Finance.
STATUS: Congressional Record Page References
01/26/96 Introductory remarks on Measure (CR S499-502)
- COMMITTEE(S) OF REFERRAL:
Senate Finance
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(AS INTRODUCED)
TABLE OF CONTENTS:
- Title I: Economic Opportunity
- Subtitle A: Tax Incentives
- Subtitle B: Contracting Set-Aside Reform
- Subtitle C: Small Business Mentor Program
- Title II: Community Infrastructure
- Title III: Safe Streets
- Subtitle A: Mandatory Restitution
- Subtitle B: Asset Forfeiture Assistance
- Title IV: Educational Opportunity
- Title V: Family Opportunity
- Title VI: Volunteer Protection
- Title VII: Spectrum Auction
Community Renewal and Economic Opportunity Act – Title I: Economic Opportunity – Subtitle A: Tax Incentives – Amends the Internal Revenue Code to allow a general ten percent tax credit for qualifying businesses in empowerment zones and enterprise communities.
(Sec. 102) Permits an enterprise zone business to elect a ten percent flat tax option.
(Sec. 103) Excludes from gross income capital gains from the sale or exchange of a qualified zone asset (as defined by this Act) held for more than five years.
(Sec. 104) Increases expensing limits for qualified zone property.
(Sec. 105) Excludes from gross income dividends received from zone businesses.
(Sec. 106) Increases the work opportunity tax credit and the categories of eligible individuals.
Subtitle B: Contracting Set-Aside Reform – Amends the Small Business Act to revise the section 8(a) set-aside program to give preference to economically disadvantaged individuals and small business concerns (as defined by this Act).
(Sec. 112) Makes technical and conforming amendments to: (1) specified Federal law; (2) the Federal Home Loan Bank Act; (3) the Small Business Economic Policy Act of 1980; (4) the Small Business Investment Act of 1958; (5) the Office of Federal Procurement Policy Act; (6) the Energy Policy Act of 1992; and (7) the Defense Production Act of 1950.
Subtitle C: Small Business Mentor Program – Directs the Administrator of the Small Business Administration to establish a small business mentor program to aid businesses owned by economically disadvantaged individuals.
Title II: Community Infrastructure – Exempts construction projects in empowerment zones, enterprise communities, and enterprise zones from Davis-Bacon Act (union) wage requirements.
(Sec. 202) Amends the Housing and Community Development Act of 1974 to increase community development block grant assistance to low- and moderate-income families. Reduces administrative and planning costs. Requires specified matching funds from wealthy areas.
Title III: Safe Streets – Subtitle A: Mandatory Restitution – Amends Federal criminal law to require mandatory restitution for certain violent crimes. Makes such restitution a condition of probation. Sets forth: (1) an order of restitution for other crimes, including sexual exploitation and other abuse of children, and telemarketing fraud; and (2) a procedure for issuance and enforcement of a restitution order. Directs the United States Sentencing Commission and the Attorney General to promulgate related guidelines.
(Sec. 310) Amends the Victims of Crime Act of 1984 to prohibit payments to delinquent debtors by State crime victim compensation programs.
(Sec. 311) Authorizes grants to States for assistance and compensation to victims of terrorism or mass violence.
Subtitle B: Asset Forfeiture Assistance – Amends the Controlled Substances Act and the Tariff Act of 1930 to provide high-crime communities with additional assets from forfeited property.
Title IV: Educational Opportunity – Makes specified funding available for demonstration projects to provide low-income families in high poverty areas with educational certificates.
Title V: Family Opportunity – Prohibits racial, religious, or ethnic adoption placement discrimination. Sets forth penalties. Provides for a private right of action. States that this title shall not effect application of the Indian Child Welfare Act of 1978.
(Sec. 503) Repeals specified provisions of the Improving America’s Schools Act of 1994.
Title VI: Volunteer Protection – Encourages States to provide volunteers with protection from lawsuits. Limits tort liability for volunteers, with specified exceptions. Increases specified block grant allotments to certifying States with volunteer protections.
Title VII: Spectrum Auction – Amends the Communications Act of 1934 to repeal existing electromagnetic spectrum allocation provisions. Requires competitive bidding for such contracts, with specified exceptions.