American Community Renewal Act of 2002

[AI summary unavailable — showing source text] 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.…