To amend the Internal Revenue Code of 1986 to extend bond authority for those empowerment and enterprise zones with unused bond limitation at the end of 2011.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. EXTENSION OF BOND AUTHORITY FOR EMPOWERMENT AND ENTERPRISE ZONES WITH UNUSED BOND LIMITATION.
(a) Empowerment Zones With Unused Bond Limitation.--Section 1394 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: ``(g) Special Rule Relating to Termination of Empowerment Zone.-- Notwithstanding section 1391(d)(1)(A), in the case of any empowerment zone with respect to which there is unused limitation under subsection (c)(1)(A) or (f)(2)(B) on December 31, 2011, this section shall be effective and apply to any bond issued before January 1, 2013.''. (b) District of Columbia Enterprise Zone.--Subsection (b) of section 1400A of such Code is amended by inserting before the period the following: ``, except as provided by section 1394(g)''. (c) Effective Date.--The amendments made by subsection (a) shall apply to bonds issued on or after December 31, 2011. <all>