H.R. 3129 · 115th Congress
ADVANCE Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HeckSponsor15 cosponsors · 8 D, 7 R
R
Cole
SD
D
DelBene
JH
R
Herrera Beutler
RK
D
Kind
DK
D
Kilmer
KN
R
Noem
NT
D
Torres
DY
R
Young
BM
D
McCollum
DN
R
Newhouse
SP
R
Pearce
GM
D
Moore
RN
D
Nolan
MS
R
Simpson
SJ
D
Jackson Lee8 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Aiding Development of Vital Assets in Native Communities and Environments Act of 2017 or the ADVANCE Act
What it does: CRS summary · Introduced in House · Jun 29, 2017
Aiding Development of Vital Assets in Native Communities and Environments Act of 2017 or the ADVANCE Act
This bill amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Community Development Financial Institutions (CDFI) Fund to provide outreach and training with respect to the New Markets Tax Credit (NMTC) in low-income communities with a disproportionately low amount of low-income community investments by community development entities.
(The NMTC is a non-refundable tax credit intended to encourage private capital investment in low-income communities. NMTCs are allocated by the CDFI Fund, a bureau of the Department of the Treasury, using a competitive application process.)
The CFDI Fund must also: (1) include in the application for the NMTC questions to determine and consider, as an innovative use or a comparable incentive in evaluating applications, the extent to which the applicant intends to make low-income community investments within Indian country; and (2) to the maximum extent practicable, ensure that at least one community development entity whose primary mission is to fund projects within or that directly benefit Indian country receives an allocation for each allocation round.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: ADVANCE Act
Also known as: Aiding Development of Vital Assets in Native Communities and Environments Act of 2017
Latest action (Jun 29, 2017): Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Taxation · Origin: House · Introduced: Jun 29, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.