NEW JOBS Act of 2007

New Employment for Workers & Job Opportunities for Business Strength Act of 2007 or the NEW JOBS Act of 2007 - Amends the Internal Revenue Code to increase by $500 million in 2008 the new markets tax credit limitation amount that is allocable among qualified community development entities for investments in or loans to businesses that hire trade adjustment assistance (TAA) recipients or that meet other TAA requirements.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3843 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3843

    To amend the Internal Revenue Code of 1986 to provide a special 
 allocation under the new markets tax credit in connection with trade 
                         adjustment assistance.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 16, 2007

 Mr. Reynolds introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to provide a special 
 allocation under the new markets tax credit in connection with trade 
                         adjustment assistance.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``New Employment for Workers & Job 
Opportunities for Business Strength Act of 2007'' or the ``NEW JOBS Act 
of 2007''.

SEC. 2. SPECIAL ALLOCATION UNDER NEW MARKETS TAX CREDIT IN CONNECTION 
              WITH TRADE ADJUSTMENT ASSISTANCE.

    (a) In General.--Section 45D of the Internal Revenue Code of 1986 
is amended by redesignating subsection (i) as subsection (j) and by 
inserting after subsection (h) the following new subsection:
    ``(i) Special Allocations in Connection With Trade Adjustment 
Assistance.--
            ``(1) Allocations.--The new markets tax credit limitation 
        otherwise determined under subsection (f)(1) shall be increased 
        by an amount equal to $500,000,000 for 2008 to be allocated 
        among qualified community development entities to make capital 
        or equity investments in, or loans to, qualified TAA 
        businesses.
            ``(2) Restriction on designation.--A qualified community 
        development entity receiving an allocation under paragraph (1) 
        may not use such allocation to designate any qualified equity 
        investment under subsection (b)(1)(C) unless substantially all 
        of such investment is used for the purpose described in 
        paragraph (1).
            ``(3) Qualified taa businesses.--For purposes of this 
        subsection--
                    ``(A) In general.--The term `qualified TAA 
                business' means, with respect to any taxable year--
                            ``(i) any qualified active low-income 
                        community business (as defined in subsection 
                        (d)(2)) which meets the requirements of clause 
                        (i) or (ii) of subparagraph (B) for such 
                        taxable year, and
                            ``(ii) any specified TAA business.
                    ``(B) Specified taa business.--The term `specified 
                TAA business' means, with respect to any taxable year, 
                any corporation (including a nonprofit corporation) or 
                partnership if--
                            ``(i) not less than 40 percent of the 
                        individuals hired by such entity during such 
                        taxable year were eligible TAA recipients (as 
                        defined in section 35(c)(2)) or eligible 
                        alternative TAA recipients (as defined in 
                        section 35(c)(3)) with respect to any month 
                        beginning during the 1-year period ending on 
                        the hiring date (as defined in section 51(d)) 
                        of such individual,
                            ``(ii) such entity is certified by the 
                        Secretary of Commerce as eligible to apply for 
                        adjustment assistance under chapter 3 of title 
                        II of the Trade Act of 1974 with respect to any 
                        portion of the taxable year in which the 
                        investment or loan referred to in paragraph (1) 
                        is made, and
                            ``(iii) the Secretary determines that such 
                        entity will utilize the assistance provided 
                        pursuant to this section in a manner consistent 
                        with the purposes of subsection (d)(2)(A).
                The requirement of clause (i) shall be treated as 
                satisfied for any taxable year if such clause would be 
                satisfied if all individuals hired by such entity 
                during such taxable year and all preceding taxable 
                years which are not before the taxable year in which 
                the investment or loan referred to in paragraph (1) was 
                made were taken into account.
            ``(4) Reallocations.--Subsection (f)(3) shall be applied 
        separately with respect to the amount of the increase under 
        paragraph (1).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to allocations made after December 31, 2007.
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