111TH CONGRESS
I 111TH CONGRESS 1ST SESSION H. R. 473 To amend the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for community development entities created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands. IN THE HOUSE OF REPRESENTATIVES JANUARY 13, 2009 Ms. BORDALLO (for herself, Mr. FALEOMAVAEGA, Mrs. CHRISTENSEN, Mr. PIERLUISI, and Mr. SABLAN) introduced the following bill; which was re- ferred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for commu- nity development entities created or organized in Amer- ican Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Nov 24 2008 23:48 Jan 14, 2009 Jkt 079200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H473.IH H473 jbell on PROD1PC69 with BILLS 2 •HR 473 IH SECTION 1. …
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I 111TH CONGRESS 1ST SESSION H. R. 473 To amend the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for community development entities created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands. IN THE HOUSE OF REPRESENTATIVES JANUARY 13, 2009 Ms. BORDALLO (for herself, Mr. FALEOMAVAEGA, Mrs. CHRISTENSEN, Mr. PIERLUISI, and Mr. SABLAN) introduced the following bill; which was re- ferred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for commu- nity development entities created or organized in Amer- ican Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Nov 24 2008 23:48 Jan 14, 2009 Jkt 079200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H473.IH H473 jbell on PROD1PC69 with BILLS 2 •HR 473 IH SECTION 1. ELIGIBILITY UNDER NEW MARKETS TAX CRED- 1 IT FOR COMMUNITY DEVELOPMENT ENTI- 2 TIES CREATED OR ORGANIZED IN AMERICAN 3 SAMOA, THE COMMONWEALTH OF THE 4 NORTHERN MARIANA ISLANDS, GUAM, PUER- 5 TO RICO, AND THE VIRGIN ISLANDS. 6 (a) IN GENERAL.—Subsection (c) of section 45D of 7 the Internal Revenue Code of 1986 (defining qualified 8 community development entity) is amended by adding at 9 the end the following new paragraph: 10 ‘‘(3) SPECIAL RULE RELATING TO CERTAIN JU- 11 RISDICTIONS.—A corporation or partnership created 12 or organized in, or under the laws of, American 13 Samoa, the Commonwealth of the Northern Mariana 14 Islands, Guam, Puerto Rico, or the Virgin Islands 15 shall be treated as a domestic corporation or part- 16 nership for purposes of paragraph (1).’’. 17 (b) EFFECTIVE DATE.—The amendment made by 18 subsection (a) shall apply to investments made after the 19 date of the enactment of this Act. 20 Æ VerDate Nov 24 2008 23:48 Jan 14, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H473.IH H473 jbell on PROD1PC69 with BILLS