[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1671 Introduced in Senate (IS)]
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117th CONGRESS
1st Session
S. 1671
To amend the Internal Revenue Code of 1986 to provide for new markets
tax credit investments in the Rural Jobs Zone.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 18, 2021
Mr. Wicker (for himself, Mr. Warner, Mrs. Capito, Mr. Cardin, Mr.
Boozman, Ms. Sinema, Mr. Hoeven, and Mrs. Hyde-Smith) introduced the
following bill; which was read twice and referred to the Committee on
Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for new markets
tax credit investments in the Rural Jobs Zone.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Rural Jobs Act''.
SEC. 2. ALLOCATIONS OF NEW MARKETS TAX CREDIT LIMITATION FOR THE RURAL
JOBS ZONE.
(a) In General.--Section 45D(f) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
``(4) Allocations for the rural jobs zone.--
``(A) In general.--In addition to any new markets
tax credit limitation under paragraph (1), there are
the following amounts of new markets tax credit
limitation which shall be allocated by the Secretary
only to Rural Jobs Zone development entities for making
Rural Jobs Zone equity investments:
``(i) $500,000,000 for 2022.
``(ii) $500,000,000 for 2023.
``(B) Rural jobs zone development entity.--For
purposes of this paragraph, the term `Rural Jobs Zone
development entity' means any qualified community
development entity a significant mission of which is
the economic development of, and the creation and
retention of jobs in, the Rural Jobs Zone.
``(C) Rural jobs zone equity investment.--For
purposes of this paragraph, the term `Rural Jobs Zone
equity investment' means any equity investment which
would be a qualified equity investment if the only low-
income community was the Rural Jobs Zone.
``(D) Rural jobs zone.--For purposes of this
paragraph, the term `Rural Jobs Zone' means the area
comprised of low-income communities which are a portion
of neither--
``(i) a city or town that has a population
of greater than 50,000 inhabitants, nor
``(ii) any urbanized area contiguous and
adjacent to such a city or town.
``(E) Minimum investment in persistent poverty
counties and high migration rural counties.--
``(i) In general.--The Secretary shall
prescribe regulations or other guidance
pursuant to which not less than 25 percent of
the Rural Jobs Zone equity investments made
pursuant to allocations made under this
paragraph are invested in areas which are
persistent poverty counties, high migration
rural counties (as defined in subsection
(e)(5)(B)), or both.
``(ii) Persistent poverty counties.--For
purposes of this subparagraph, the term
`persistent poverty county' means any county
that has had 20 percent or more of its
population living in poverty over the past 30
years, as measured by the 1990 and 2000
decennial censuses and the most recent Small
Area Income and Poverty Estimates.
``(F) Application of carryover.--Paragraph (3)
shall be applied separately with respect to the amounts
specified in subparagraph (A).''.
(b) Effective Date.--The amendment made by this section shall apply
to allocations made after the date of the enactment of this Act.
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