[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3479 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3479

To amend the Internal Revenue Code of 1986 to allow unpopulated census 
 tracts that are contiguous to low-income communities to be treated as 
        low-income communities under the new markets tax credit.


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                   IN THE SENATE OF THE UNITED STATES

                           November 17, 2016

 Mr. Menendez introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow unpopulated census 
 tracts that are contiguous to low-income communities to be treated as 
        low-income communities under 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. TREATMENT OF CERTAIN UNPOPULATED CENSUS TRACTS UNDER NEW 
              MARKETS TAX CREDIT.

    (a) In General.--Section 45D(e)(4)(A) of the Internal Revenue Code 
of 1986 is amended--
            (1) by striking ``is within'' and inserting ``is--
                            ``(i) within'',
            (2) by striking ``and'' at the end and inserting ``or'', 
        and
            (3) by adding at the end the following new clause:
                            ``(ii) a census tract with a population of 
                        zero, and''.
    (b) Effective Date.--The amendments made by this section shall 
apply to investments made after the date of the enactment of this Act.
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