American Community Renewal Act of 1999

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Designation Of and Tax Incentives for Renewal Communities Title II: Additional Provisions American Community Renewal Act of 1999 - Title I: Designation of and Tax Incentives for Renewal Communities - Amends the Internal Revenue Code to authorize the Secretary of Housing and Urban Development to designate (upon local or State nomination) up to 100 renewal communities, of which at least 20 percent shall be in rural areas. Requires for nomination purposes that: (1) the area be experiencing high rates of poverty and unemployment and general distress; and (2) State and local governments enter into written contracts with community organizations to promote specified economic growth and employment activities. Excludes from gross income capital gains on the sale or exchange of a qualified community asset (stock, business property, or partnership interest) held for more than five years. Allows a specified deduction for amounts paid into a family development account on behalf of an individual or another qualified individual who is a renewal community resident. Excludes from gross income account distributions used for qualified family development expenses (postsecon…