Source: https://www.law.cornell.edu/uscode/text/26/45D
Timestamp: 2017-08-19 03:55:47
Document Index: 669282347

Matched Legal Cases: ['§ 45', '§ 45', '§ 45', '§\u202f45', '§\u202f1', '§\u202f121', '§\u202f221', '§\u202f102', '§\u202f302', '§\u202f1403', '§\u202f733', '§\u202f305', '§\u202f115', '§\u202f141', '§\u202f141', '§\u202f141', '§\u202f115', '§\u202f115', '§\u202f305', '§\u202f305', '§\u202f733', '§\u202f733', '§\u202f1403', '§\u202f1403', '§\u202f102', '§\u202f102', '§\u202f221', '§\u202f221', '§\u202f223', '§\u202f141', '§\u202f115', '§\u202f305', '§\u202f733', '§\u202f102', '§\u202f221', '§\u202f223', '§\u202f1', '§\u202f121', '§\u202f1', '§\u202f121', '§\u202f1403', '§\u202f1', '§\u202f121', '§\u202f1', '§\u202f121']

26 U.S. Code § 45D - New markets tax credit | US Law | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle A › Chapter 1 › Subchapter A › Part IV › Subpart D › § 45D
26 U.S. Code § 45D - New markets tax credit
§ 45D.
(2) Applicable percentageFor purposes of paragraph (1), the applicable percentage is—
(3) Credit allowance dateFor purposes of paragraph (1), the term “credit allowance date” means, with respect to any qualified equity investment—
(b) Qualified equity investmentFor purposes of this section—
(1) In generalThe term “qualified equity investment” means any equity investment in a qualified community development entity if—
(6) Equity investmentThe term “equity investment” means—
(c) Qualified community development entityFor purposes of this section—
(1) In generalThe term “qualified community development entity” means any domestic corporation or partnership if—
(2) Special rules for certain organizationsThe requirements of paragraph (1) shall be treated as met by—
(d) Qualified low-income community investmentsFor purposes of this section—
(1) In generalThe term “qualified low-income community investment” means—
(A) In generalFor purposes of paragraph (1), the term “qualified active low-income community business” means, with respect to any taxable year, any corporation (including a nonprofit corporation) or partnership if for such year—
(3) Qualified businessFor purposes of this subsection, the term “qualified business” has the meaning given to such term by section 1397C(d); except that—
(e) Low-income communityFor purposes of this section—
(1) In generalThe term “low-income community” means any population census tract if—
(4) Tracts with low populationA population census tract with a population of less than 2,000 shall be treated as a low-income community for purposes of this section if such tract—
(1) In generalThere is a new markets tax credit limitation for each calendar year. Such limitation is—
$5,000,000,000 for 2009 [1]
$3,500,000,000 for each of calendar years 2010 through 2019.
(2) Allocation of limitationThe limitation under paragraph (1) shall be allocated by the Secretary among qualified community development entities selected by the Secretary. In making allocations under the preceding sentence, the Secretary shall give priority to any entity—
(2) Credit recapture amountFor purposes of paragraph (1), the credit recapture amount is an amount equal to the sum of—
(3) Recapture eventFor purposes of paragraph (1), there is a recapture event with respect to an equity investment in a qualified community development entity if—
(i) RegulationsThe Secretary shall prescribe such regulations as may be appropriate to carry out this section, including regulations—
(Added Pub. L. 106–554, § 1(a)(7) [title I, § 121(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–605; amended Pub. L. 108–357, title II, §§ 221(a), (b), 223(a), Oct. 22, 2004, 118 Stat. 1431, 1432; Pub. L. 109–432, div. A, title I, § 102(a), (b), Dec. 20, 2006, 120 Stat. 2934; Pub. L. 110–343, div. C, title III, § 302, Oct. 3, 2008, 122 Stat. 3866; Pub. L. 111–5, div. B, title I, § 1403(a), Feb. 17, 2009, 123 Stat. 352; Pub. L. 111–312, title VII, § 733(a), (b), Dec. 17, 2010, 124 Stat. 3317, 3318; Pub. L. 112–240, title III, § 305(a), (b), Jan. 2, 2013, 126 Stat. 2329; Pub. L. 113–295, div. A, title I, § 115(a), (b), Dec. 19, 2014, 128 Stat. 4014; Pub. L. 114–113, div. Q, title I, § 141(a), (b), Dec. 18, 2015, 129 Stat. 3056.)
2015—Subsec. (f)(1)(G). Pub. L. 114–113, § 141(a), substituted “for each of calendar years 2010 through 2019” for “for 2010, 2011, 2012, 2013, and 2014”.
Subsec. (f)(3). Pub. L. 114–113, § 141(b), substituted “2024” for “2019”.
2014—Subsec. (f)(1)(G). Pub. L. 113–295, § 115(a), substituted “2013, and 2014” for “and 2013”.
Subsec. (f)(3). Pub. L. 113–295, § 115(b), substituted “2019” for “2018”.
2013—Subsec. (f)(1)(G). Pub. L. 112–240, § 305(a), substituted “2010, 2011, 2012, and 2013” for “2010 and 2011”.
Subsec. (f)(3). Pub. L. 112–240, § 305(b), substituted “2018” for “2016”.
2010—Subsec. (f)(1)(G). Pub. L. 111–312, § 733(a), added subpar. (G).
Subsec. (f)(3). Pub. L. 111–312, § 733(b), substituted “2016” for “2014”.
2009—Subsec. (f)(1)(D). Pub. L. 111–5, § 1403(a)(2), substituted “and 2007,” for “, 2007, 2008, and 2009.”
Subsec. (f)(1)(E), (F). Pub. L. 111–5, § 1403(a)(1), (3), added subpars. (E) and (F).
2006—Subsec. (f)(1)(D). Pub. L. 109–432, § 102(a), substituted “, 2007, and 2008” for “and 2007”.
Subsec. (i)(6). Pub. L. 109–432, § 102(b), added par. (6).
2004—Subsec. (e)(2). Pub. L. 108–357, § 221(a), amended heading and text of par. (2) generally, substituting provisions relating to regulations under which 1 or more targeted populations could be treated as low-income communities for provisions authorizing Secretary to designate any area within any census tract as a low-income community if certain conditions were met.
Subsec. (e)(4). Pub. L. 108–357, § 221(b), added par. (4).
Subsec. (e)(5). Pub. L. 108–357, § 223(a), added par. (5).
Pub. L. 114–113, div. Q, title I, § 141(c), Dec. 18, 2015, 129 Stat. 3056, provided that:
“The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2014.”
Pub. L. 113–295, div. A, title I, § 115(c), Dec. 19, 2014, 128 Stat. 4014, provided that:
“The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2013.”
Pub. L. 112–240, title III, § 305(c), Jan. 2, 2013, 126 Stat. 2329, provided that:
“The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2011.”
Pub. L. 111–312, title VII, § 733(c), Dec. 17, 2010, 124 Stat. 3318, provided that:
“The amendments made by this section [amending this section] shall apply to calendar years beginning after 2009.”
Pub. L. 109–432, div. A, title I, § 102(c), Dec. 20, 2006, 120 Stat. 2934, provided that:
“The amendments made by this section [amending this section] shall take effect on the date of the enactment of this Act [Dec. 20, 2006].”
Pub. L. 108–357, title II, § 221(c), Oct. 22, 2004, 118 Stat. 1431, provided that:
“(1)Targeted areas.—
The amendment made by subsection (a) [amending this section] shall apply to designations made by the Secretary of the Treasury after the date of the enactment of this Act [Oct. 22, 2004].
“(2)Tracts with low population.—
The amendment made by subsection (b) [amending this section] shall apply to investments made after the date of the enactment of this Act [Oct. 22, 2004].”
Pub. L. 108–357, title II, § 223(b), Oct. 22, 2004, 118 Stat. 1432, provided that:
“The amendment made by this section [amending this section] shall take effect as if included in the amendment made by section 121(a) of the Community Renewal Tax Relief Act of 2000 [Pub. L. 106–554, § 1(a)(7) [title I, § 121(a)], enacting this section].”
Section applicable to investments made after Dec. 31, 2000, see § 1(a)(7) [title I, § 121(e)] of Pub. L. 106–554, set out as a Effective Date of 2000 Amendment note under section 38 of this title.
Pub. L. 111–5, div. B, title I, § 1403(b), Feb. 17, 2009, 123 Stat. 352, provided that:
“The amount of the increase in the new markets tax credit limitation for calendar year 2008 by reason of the amendments made by subsection (a) [amending this section] shall be allocated in accordance with section 45D(f)(2) of the Internal Revenue Code of 1986 to qualified community development entities (as defined in section 45D(c) of such Code) which—
submitted an allocation application with respect to calendar year 2008, and
did not receive an allocation for such calendar year, or
received an allocation for such calendar year in an amount less than the amount requested in the allocation application.”
Pub. L. 106–554, § 1(a)(7) [title I, § 121(f)], Dec. 21, 2000, 114 Stat. 2763, 2763A–610, provided that:
“Not later than 120 days after the date of the enactment of this Act [Dec. 21, 2000], the Secretary of the Treasury or the Secretary’s delegate shall issue guidance which specifies—
how entities shall apply for an allocation under section 45D(f)(2) of the Internal Revenue Code of 1986, as added by this section;
the competitive procedure through which such allocations are made; and
the actions that such Secretary or delegate shall take to ensure that such allocations are properly made to appropriate entities.”
Pub. L. 106–554, § 1(a)(7) [title I, § 121(g)], Dec. 21, 2000, 114 Stat. 2763, 2763A–610, provided that:
New Markets Credit : 2014-07-18
New Markets Credit : 2010-01-29
Classification of Property : 2009-11-20
New Markets Credit : 2009-11-20
New Markets Credit : 2009-10-30
New Markets Credit : 2009-09-04
New Markets Credit : 2009-03-06