Text: H.R.3129 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in House (06/29/2017)

 
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3129 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3129

  To direct the Community Development Financial Institutions Fund to 
     perform an outreach program for the new markets tax credit to 
            underserved communities, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 29, 2017

 Mr. Heck (for himself, Mrs. Noem, Mr. Cole, Mr. Young of Alaska, Mr. 
 Kilmer, Ms. Herrera Beutler, Ms. DelBene, Mrs. Torres, and Mr. Kind) 
 introduced the following bill; which was referred to the Committee on 
Ways and Means, and in addition to the Committee on Financial Services, 
for a period to be subsequently determined by the Speaker, in each case 
for consideration of such provisions as fall within the jurisdiction of 
                        the committee concerned

_______________________________________________________________________

                                 A BILL


 
  To direct the Community Development Financial Institutions Fund to 
     perform an outreach program for the new markets tax credit to 
            underserved communities, and for other purposes.

    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 ``Aiding Development of Vital Assets 
in Native Communities and Environments Act of 2017'' or the ``ADVANCE 
Act''.

SEC. 2. NEW MARKETS TAX CREDIT OUTREACH TO UNDERSERVED COMMUNITIES.

    Subtitle A of title I of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4701 et seq.) is amended 
by adding at the end the following new section:

``SEC. 123. NEW MARKETS TAX CREDIT OUTREACH TO UNDERSERVED COMMUNITIES.

    ``(a) In General.--The Secretary of the Treasury shall--
            ``(1) establish a program under which the Fund shall 
        provide outreach and training with respect to the new markets 
        tax credit in low-income communities with a disproportionately 
        low amount of qualified low-income community investments by 
        qualified community development entities; and
            ``(2) include questions to determine in the application for 
        allocation of new markets tax credit limitation, and consider 
        as an innovative use or a comparable incentive in the 
        evaluation of such applications, the extent to which such 
        entity intends to make qualified low-income community 
        investments within Indian country; and
            ``(3) to the maximum extent practicable, ensure that at 
        least one qualified community development entity whose primary 
        mission is to fund projects within or that directly benefit 
        Indian country receives an allocation for each allocation 
        round.
    ``(b) Definitions.--For purposes of this section--
            ``(1) New markets tax credit.--Any term used in this 
        section which is also used in section 45D of the Internal 
        Revenue Code of 1986 shall have the same meaning as when used 
        in such section 45D.
            ``(2) Indian country.--The term `Indian country' has the 
        meaning given such term in section 1151 of title 18, United 
        States Code.''.
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