American Community Renewal Act of 2002
Last action on Oct 8, 2002Sponsor introductory remarks on measure. (CR E1777)
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Summary
American Community Renewal Act of 2002 - Amends the Internal Revenue Code to: (1) provide for the designation of 20 additional renewal communities; (2) permit the nonrecognition of gain on proceeds of sales of real property which are invested in qualified renewal community zone assets; and (3) provide for the local allocation of commercial revitalization expenditure amounts if a State fails to adopt a qualified allocation plan.
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