Sec. 90703. New markets tax credit
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/bill/116/hr/2/eh/section-90703·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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(1)of section 45D(e) is amended to read as follows: The term low-income community means any area— comprising a population census tract if— the poverty rate for such tract is at least 20 percent, or in the case of a tract not located within a metropolitan area, the median family income for such tract does not exceed 80 percent of statewide median family income, or in the case of a tract located within a metropolitan area, the median family income for such tract does not exceed 80 percent of the greater of statewide median family income or the metropolitan area median family income, comprising a Tribal Statistical Area. Subparagraph (A)(ii) shall be applied using possession wide median family income in the case of census tracts located within a possession of the United States. . Section 45D(e) is amended by adding at the end the following new paragraph: For purposes of paragraph (1)(B), the term Tribal Statistical Area means— any Tribal Census Tract, Oklahoma Tribal Statistical Area, Tribal-Designated Statistical Area, or Alaska Native Village Statistical Area if— the poverty rate for such tract or area is at least 20 percent, or the median family income for such tract or area does not exceed 80 percent of the statewide median family income for a State with boundaries that encompass or intersect the boundaries of such area, and any area that will be used for the construction, reconstruction or improvement of a community facility or an infrastructure project that— services Tribal or Alaska Native village members of any tract or area described in subparagraph (A), and has documented its eligibility with respect to clause
(i)to the satisfaction of the relevant Indian Tribal Government (within the meaning of section 7871(c)). . Section 45D(i) is amended by striking and at the end of paragraph (5), by striking the period at the end of paragraph
(6)and inserting , and , and by adding at the end the following new paragraph: which ensure that Tribal Statistical Areas (as defined in subsection (e)(6)) receive a proportional allocation of qualified equity investments based on the overall number of Native Americans relative to the portion of the United States population which is at or below the poverty line (as determined for purposes of determining poverty rates under subsection (e)). . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.