26 USC 1397D - Qualified zone property defined

U.S Code last checked for updates: Nov 23, 2024

§ 1397D.

Qualified zone property defined

(a)

General rule

For purposes of this part—

(1)

In general

The term “qualified zone property” means any property to which section 168 applies (or would apply but for section 179) if—

(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

(b)

Special rules for sale-leasebacks

(Added Pub. L. 103–66, title XIII, § 13301(a), Aug. 10, 1993, 107 Stat. 554, § 1397C; renumbered § 1397D, Pub. L. 106–554, § 1(a)(7) [title I, § 116(a)(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A–602.)

cite as: 26 USC 1397D