Sec. 121. Additional new markets tax credit for rural renewal communities
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Section 45D(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: The new markets tax credit limitation otherwise determined under paragraph
(1)shall be increased by $3,500,000,000 for 2017, 2018, and 2019. A qualified community development entity shall be eligible for an allocation under paragraph
(2)of the increase described in the preceding sentence only if a significant mission of such entity is serving, or providing investment capital for, rural renewal communities. Paragraph
(3)shall be applied separately with respect to the increase provided under this paragraph. For purposes of this paragraph, the term rural renewal community means any low-income community— which— has a population of at least 200 people but not more than 25,000 people, and is not located in a metropolitan area which has a population of 200,000 or more, or which is entirely within an Indian reservation (as determined by the Secretary of the Interior). . The amendment made by this section shall apply to calendar years beginning after December 31, 2016.