ADVANCE Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 3664 To direct the Community Development Financial Institutions Fund to perform an outreach program for the new markets tax credit to underserved communities, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JULY 10, 2019 Mr. HECK (for himself, Mr. COLE, Ms. DELBENE, Ms. HAALAND, Ms. HER- RERA BEUTLER, Mr. KILMER, Mr. KIND, Ms. MCCOLLUM, Mr. NEWHOUSE, and Mrs. TORRES of California) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subse- quently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To direct the Community Development Financial Institutions Fund to perform an outreach program for the new mar- kets tax credit to underserved communities, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Aiding Development 4 of Vital Assets in Native Communities and Environments 5 Act of 2019’’ or the ‘‘ADVANCE Act of 2019’’. 6 VerDate Sep 11 2014 21:27 Jul 17, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3664.IH H3664 pamtmann on DSKBFK8HB2PROD with BILLS 2 •HR 3664 IH SEC. 2. NEW MARKETS TAX CREDIT OUTREACH TO UNDER- 1 SERVED COMMUNITIES. 2 (a) IN GENERAL.—Subtitle A of title I of the Riegle 3 Community Development and Regulatory Improvement 4 Act of 1994 (12 U.S.C. 4701 et seq.) is amended by add- 5 ing at the end the following new section: 6 ‘‘SEC. 123. NEW MARKETS TAX CREDIT OUTREACH TO UN- 7 DERSERVED COMMUNITIES. 8 ‘‘(a) IN GENERAL.—The Secretary of the Treasury 9 shall— 10 ‘‘(1) establish a program under which the Fund 11 shall provide outreach and training with respect to 12 the new markets tax credit in low-income commu- 13 nities with a disproportionately low amount of quali- 14 fied low-income community investments by qualified 15 community development entities; and 16 ‘‘(2) include questions to determine in the ap- 17 plication for allocation of new markets tax credit 18 limitation, and consider as an innovative use or a 19 comparable incentive in the evaluation of such appli- 20 cations, the extent to which such entity intends to 21 make qualified low-income community investments 22 within Indian country; and 23 ‘‘(3) to the maximum extent practicable, ensure 24 that at least one qualified community development 25 entity whose primary mission is to fund projects 26 VerDate Sep 11 2014 21:27 Jul 17, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3664.IH H3664 pamtmann on DSKBFK8HB2PROD with BILLS 3 •HR 3664 IH within or that directly benefit Indian country re- 1 ceives an allocation for each allocation round. 2 ‘‘(b) DEFINITIONS.—For purposes of this section— 3 ‘‘(1) NEW MARKETS TAX CREDIT.—Any term 4 used in this section which is also used in section 5 45D of the Internal Revenue Code of 1986 shall 6 have the same meaning as when used in such section 7 45D. 8 ‘‘(2) INDIAN COUNTRY.—The term ‘Indian 9 country’ has the meaning given such term in section 10 1151 of title 18, United States Code.’’. 11 (b) CLERICAL AMENDMENT.—The table of contents 12 in section 1(b) of the Riegle Community Development and 13 Regulatory Improvement Act of 1994 is amended by in- 14 serting after the item relating to section 121 the following: 15 ‘‘122. Grants to establish loan-loss reserve funds. ‘‘123. New markets tax credit outreach to underserved communities.’’. Æ VerDate Sep 11 2014 21:27 Jul 17, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3664.IH H3664 pamtmann on DSKBFK8HB2PROD with BILLS