[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2740 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2740

To amend the Internal Revenue Code of 1986 to treat certain population 
  census tracts for which information is not available as low-income 
        communities for purposes of the new markets tax credit.


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                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2011

  Mr. Costa (for himself, Mr. Denham, and Mr. Cardoza) introduced the 
 following bill; which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to treat certain population 
  census tracts for which information is not available as low-income 
        communities for purposes of the new markets tax credit.

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

SECTION 1. CERTAIN POPULATION CENSUS TRACTS FOR WHICH INFORMATION IS 
              NOT AVAILABLE MADE ELIGIBLE FOR NEW MARKETS TAX CREDIT.

    (a) In General.--Subsection (e) of section 45D of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(6) Special rule for tracts for which information is not 
        available.--In the case of a population census tract with 
        respect to which the Secretary determines there is insufficient 
        information to determine whether such tract is a low-income 
        community (determined without regard to this paragraph), such 
        tract shall be treated as a low-income community if--
                    ``(A) such tract is adjacent to two or more low-
                income communities (determined without regard to this 
                paragraph), and
                    ``(B) the Secretary does not have information 
                indicating that such tract is not a low-income 
                community (as so determined).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to investments made after the date of the enactment of this Act.
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