The term “qualified zone property” means any property to which section
168 applies (or would apply but for section
(A)such property was acquired by the taxpayer by purchase (as defined in section
179(d)(2)) after the date on which the designation of the empowerment zone took effect,
(B)the original use of which in an empowerment zone commences with the taxpayer, and
(C)substantially all of the use of which is in an empowerment zone and is in the active conduct of a qualified business by the taxpayer in such zone.
(2) Special rule for substantial renovations
In the case of any property which is substantially renovated by the taxpayer, the requirements of subparagraphs (A) and (B) of paragraph (1) shall be treated as satisfied. For purposes of the preceding sentence, property shall be treated as substantially renovated by the taxpayer if, during any 24-month period beginning after the date on which the designation of the empowerment zone took effect, additions to basis with respect to such property in the hands of the taxpayer exceed the greater of
(i) an amount equal to the adjusted basis at the beginning of such 24-month period in the hands of the taxpayer, or
(b) Special rules for sale-leasebacks
For purposes of subsection (a)(1)(B), if property is sold and leased back by the taxpayer within 3 months after the date such property was originally placed in service, such property shall be treated as originally placed in service not earlier than the date on which such property is used under the leaseback.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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