(1)a renewal community shall be treated as an empowerment zone,
(2)a renewal community business shall be treated as an enterprise zone business, and
(3)qualified renewal property shall be treated as qualified zone property.
(b) Qualified renewal property
For purposes of this section—
(1) In general
The term “qualified renewal 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 December 31, 2001, and before January 1, 2010, and
(B)such property would be qualified zone property (as defined in section
1397D) if references to renewal communities were substituted for references to empowerment zones in section
1397D.
(2) Certain rules to apply
The rules of subsections (a)(2) and (b) of section
1397D shall apply for purposes of this section.