S.3181 - Inspiring Nationally Vibrant Economies Sustaining Tribes Act of 2020116th Congress (2019-2020) |
|Sponsor:||Sen. Murkowski, Lisa [R-AK] (Introduced 01/09/2020)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/09/2020 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.3181 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (01/09/2020)
Inspiring Nationally Vibrant Economies Sustaining Tribes Act of 2020 or the INVEST Act
This bill expands the definition of low-income community for purposes of the new markets tax credit to include lands held in trust for Native Americans, lands that enclose all or part of a Native American village, or Indian tribal lands. It also prioritizes the allocation of credit amounts for investment in American Indian, Alaska Native, and Native Hawaiian communities and requires an allocation of at least 10% of credit amounts to certain Indian community development entities for investments that primarily serve low-income communities.
The bill directs the Bureau of Indian Affairs in the Department of the Interior to provide technical assistance to qualified Indian community development entities regarding applications for allocations of the new markets tax credit and to work with the Community Development Financial Institutions Fund to provide assistance to such entities.