[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5742 Introduced in House (IH)]







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. 
   Fortuno) 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 community development entities created 
   or organized in American Samoa, the Commonwealth of the Northern 
      Mariana Islands, Guam, Puerto Rico, and the Virgin Islands.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ELIGIBILITY UNDER 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.

    (a) In General.--Subsection (c) of section 45D of the Internal 
Revenue Code of 1986 (defining qualified community development entity) 
is amended by adding at the end the following new paragraph:
            ``(3) Special rule relating to certain jurisdictions.--A 
        corporation or partnership created or organized in, or under 
        the laws of, American Samoa, the Commonwealth of the Northern 
        Mariana Islands, Guam, Puerto Rico, or the Virgin Islands shall 
        be treated as a domestic corporation or partnership for 
        purposes of paragraph (1).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to investments made after the date of the enactment of this Act.
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