110TH CONGRESS
I 110TH CONGRESS 2D SESSION H. R. 5742 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 APRIL 9, 2008 Ms. BORDALLO (for herself, Mr. FALEOMAVAEGA, Mrs. CHRISTENSEN, and Mr. FORTUN˜O) introduced the following bill; which was referred 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 Aug 31 2005 03:30 Apr 11, 2008 Jkt 069200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5742.IH H5742 wwoods2 on PRODPC68 with BILLS 2 •HR 5742 IH SECTION 1. …
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I 110TH CONGRESS 2D SESSION H. R. 5742 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 APRIL 9, 2008 Ms. BORDALLO (for herself, Mr. FALEOMAVAEGA, Mrs. CHRISTENSEN, and Mr. FORTUN˜O) introduced the following bill; which was referred 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 Aug 31 2005 03:30 Apr 11, 2008 Jkt 069200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5742.IH H5742 wwoods2 on PRODPC68 with BILLS 2 •HR 5742 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 Aug 31 2005 03:30 Apr 11, 2008 Jkt 069200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H5742.IH H5742 wwoods2 on PRODPC68 with BILLS