[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4594 Introduced in House (IH)]







108th CONGRESS
  2d Session
                                H. R. 4594

 To amend the Internal Revenue Code of 1986 to double the maximum new 
              market tax credits, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 16, 2004

Mr. Jefferson 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 double the maximum new 
              market tax credits, 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 ``New Markets Tax Credit Enhancement 
Act of 2004''.

SEC. 2. DOUBLING OF NEW MARKETS TAX CREDIT.

    Paragraph (1) of section 45D(f) of the Internal Revenue Code of 
1986 (relating to national limitation on amount of investments 
designated) is amended by striking subparagraphs (C) and (D) and 
inserting the following new subparagraphs:
                    ``(C) $2,000,000,000 for 2004,
                    ``(D) $4,000,000,000 for 2005,
                    ``(E) $7,000,000,000 for 2006, and
                    ``(F) $7,000,000,000 for 2007.''

SEC. 3. AUTHORITY TO TARGET LOW-INCOME POPULATIONS.

    Subsection (e) of section 45D of the Internal Revenue Code of 1986 
(defining low-income community) is amended by adding at the end the 
following new paragraph:
            ``(4) Targeted population.--The Secretary shall prescribe 
        regulations under which 1 or more targeted populations (within 
        the meaning of section 3(20) of the Riegle Community 
        Development and Regulatory Improvement Act of 1974 (12 U.S.C. 
        4702(20))) may be treated as low-income communities without 
        regard to paragraph (2). Such regulations shall include 
        procedures for determining which entities are qualified active 
        low-income community businesses with respect to such 
        populations.''
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