To amend the Internal Revenue Code of 1986 to treat certain population census tracts for which information is not available as low-income communities for purposes of the new markets tax credit.

Bill: 113-hr-3809
Sponsor: full_name: Rep. Costa, Jim [D-CA-16]
Introduced: 2013-12-26
Policy area: Taxation
Subjects: Business investment and capital

Income tax credits

Urban and suburban affairs and development
Latest action: action_date: 2013-12-26
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-12-26
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code, with respect to eligibility for the new markets tax credit, to treat a population census tract for which the Secretary of the Treasury determines there is insufficient information to determine whether such tract is a low-income community as such a community if: (1) such tract is adjacent to two or more low-income communities, and (2) the Secretary does not have information indicating such tract is not a low-income community.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3809 IN THE HOUSE OF REPRESENTATIVES December 26, 2013 Mr. Costa introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to treat certain population census tracts for which information is not available as low-income communities for purposes of the new markets tax credit.

1. Certain population census tracts for which information is not available made eligible for new markets tax credit (a) In general Subsection (e) of section 45D of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Special rule for tracts for which information is not available In the case of a population census tract with respect to which the Secretary determines there is insufficient information to determine whether such tract is a low-income community (determined without regard to this paragraph), such tract shall be treated as a low-income community if— (A) such tract is adjacent to two or more low-income communities (determined without regard to this paragraph), and (B) the Secretary does not have information indicating that such tract is not a low-income community (as so determined). . (b) Effective date The amendment made by this section shall apply to investments made after the date of the enactment of this Act.