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HR 5742 IH

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.

April 9, 2008

Ms. BORDALLO (for herself, Mr. FALEOMAVAEGA, Mrs. CHRISTENSEN, and Mr. FORTUN.AE6O) introduced the following bill; which was referred to the Committee on Ways and Means

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.