To amend the Internal Revenue Code of 1986 to allow for the expansion of areas designated as renewal communities based on 2000 census data and to treat certain census tracts with low populations as low-income communities for purposes of the new markets tax credit.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Amends the Internal Revenue Code to: (1) authorize the Secretary of Housing and Urban Development, at the request of all governments that nominated an area as a renewal community, to expand an area designated as such a community to include certain census tracts of general distress or with increased poverty rates based on 2000 census data; and (2) treat population census tracts with populations of less than 2,000 that are within empowerment zones and that are contiguous to a low income community as low-income communities for purposes of the new markets tax credit.