EMPOWERMENT ZONE TAX INCENTIVES.

SEC. 118. EMPOWERMENT ZONE TAX INCENTIVES. (a) In General.—Section 1391(d)(1)(A)(i) is amended by striking “December 31, 2020” and inserting “December 31, 2025”. (b) Termination of Increase in Expensing Under Section 179.—Section 1397A is amended by adding at the end the following new subsection: “(c) Termination.—This section shall not apply to any property placed in service in taxable years beginning after December 31, 2020.” . (c) Termination of Nonrecognition of Gain on Rollover of Empowerment Zone Investments.—Section 1397B is amended by adding at the end the following new subsection: “(c) Termination.—This section shall not apply to sales in taxable years beginning after December 31, 2020.” . (d) [26 U.S.C. 1391 note] Treatment of Certain Termination Dates Specified in Nominations.—In the case of a designation of an empowerment zone the nomination for which included a termination date which is contemporaneous with the date specified in subparagraph (A)(i) of section 1391(d)(1) of the Internal Revenue Code of 1986 (as in effect before the enactment of this Act), subparagraph (B) of such section shall not apply with respect to such designation if, after the date of the enactment of this section, the entity which made such nomination amends the nomination to provide for a new termination date in such manner as the Secretary of the Treasury (or the Secretary’s designee) may provide. (e) [26 U.S.C. 1391 note] Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2020.