H.R. 3811 · 111th Congress
New Markets Tax Credit Expansion Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KosmasSponsorNo cosponsors.
New Markets Tax Credit Expansion Act of 2009 - Amends the Internal Revenue Code to require the Secretary of the Treasury to allocate in 2010 and 2011 new markets tax credit amounts to community development entities that provide investment capital or technical assistance for a distressed community.
What it does: CRS summary · Introduced in House · Oct 14, 2009
New Markets Tax Credit Expansion Act of 2009 - Amends the Internal Revenue Code to require the Secretary of the Treasury to allocate in 2010 and 2011 new markets tax credit amounts to community development entities that provide investment capital or technical assistance for a distressed community. Defines "distressed community" as a county designated by the Secretary of the Treasury as: (1) having, during a specified period, a residential or commercial mortgage foreclosure rate of 110% or more of the national average, a decline in the average fair market value of housing of at least 20%, or an unemployment rate of 110% or more of the national average; (2) having more than 50% of its housing loans with a loan-to-value ratio of greater than 80%; or (3) being in a disaster area.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: New Markets Tax Credit Expansion Act of 2009
Latest action (Oct 14, 2009): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 14, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.