Sec. 302. Community development entities focused on the arts for purposes of the new markets tax credit

138 words·~1 min read·/bill/115/s/661/is/section-302

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Not later than 1 year after the date of the enactment of this Act, the Secretary of the Treasury shall develop and promulgate guidelines for the creation and operation of qualified community development entities— which will be eligible to be certified as such by the Secretary of the Treasury under section 45D(c)(1)(C) of the Internal Revenue Code of 1986; a qualified equity investment in which will, subject to allocation under section 45D(f) of such Code, be eligible for the credit under such section 45D; and which will focus on investment in and the development and encouragement of the creative economy in low-income communities. For purposes of this section, any term used in subsection

(a)which is also used in section 45D of the Internal Revenue Code of 1986 has the same meaning as when used in such section.