110 HR 3843 IH: NEW JOBS Act of U.S. House of Representatives 2007-10-16 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 3843 IN THE HOUSE OF REPRESENTATIVES October 16, 2007 Mr. Reynolds 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 provide a special allocation under the new markets tax credit in connection with trade adjustment assistance.

1.

Short title

This Act may be cited as the New Employment for Workers & Job Opportunities for Business Strength Act of 2007 or the NEW JOBS Act of 2007.

2.

Special allocation under new markets tax credit in connection with trade adjustment assistance

(a)

In general

Section 45D of the Internal Revenue Code of 1986 is amended by redesignating subsection (i) as subsection (j) and by inserting after subsection (h) the following new subsection: (i)

Special allocations in connection with trade adjustment assistance

(1)

Allocations

The new markets tax credit limitation otherwise determined under subsection (f)(1) shall be increased by an amount equal to $500,000,000 for 2008 to be allocated among qualified community development entities to make capital or equity investments in, or loans to, qualified TAA businesses. (2)

Restriction on designation

A qualified community development entity receiving an allocation under paragraph (1) may not use such allocation to designate any qualified equity investment under subsection (b)(1)(C) unless substantially all of such investment is used for the purpose described in paragraph (1). (3)

Qualified TAA businesses

For purposes of this subsection— (A)

In general

The term qualified TAA business means, with respect to any taxable year— (i)any qualified active low-income community business (as defined in subsection (d)(2)) which meets the requirements of clause (i) or (ii) of subparagraph (B) for such taxable year, and (ii)any specified TAA business. (B)

Specified TAA business

The term specified TAA business means, with respect to any taxable year, any corporation (including a nonprofit corporation) or partnership if— (i)not less than 40 percent of the individuals hired by such entity during such taxable year were eligible TAA recipients (as defined in section 35(c)(2)) or eligible alternative TAA recipients (as defined in section 35(c)(3)) with respect to any month beginning during the 1-year period ending on the hiring date (as defined in section 51(d)) of such individual, (ii)such entity is certified by the Secretary of Commerce as eligible to apply for adjustment assistance under chapter 3 of title II of the Trade Act of 1974 with respect to any portion of the taxable year in which the investment or loan referred to in paragraph (1) is made, and (iii)the Secretary determines that such entity will utilize the assistance provided pursuant to this section in a manner consistent with the purposes of subsection (d)(2)(A). The requirement of clause (i) shall be treated as satisfied for any taxable year if such clause would be satisfied if all individuals hired by such entity during such taxable year and all preceding taxable years which are not before the taxable year in which the investment or loan referred to in paragraph (1) was made were taken into account.(4)

Reallocations

Subsection (f)(3) shall be applied separately with respect to the amount of the increase under paragraph (1). . (b)

Effective date

The amendments made by this section shall apply to allocations made after December 31, 2007.