Creating Opportunities for Rural Economies Act or the CORE Act
This bill amends the Internal Revenue Code to require at least 5% of the new markets tax credit limitation to be allocated to community development entities in connection with certain investments, financial counseling, and other services in distressed coal communities.
A "distressed coal community" is any low-income community located in a county that: (1) was one of the 30 counties with the biggest employment decrease among coal operators over a specified time period; or (2) is contiguous to a county that has the required decrease in employment, is located in the same state, and contains at least one low-income community.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6403 Introduced in House (IH)]
<DOC>
114th CONGRESS
2d Session
H. R. 6403
To amend the Internal Revenue Code of 1986 to provide additional new
markets tax credits for distressed coal communities.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 30, 2016
Mr. Jenkins of West Virginia 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 additional new
markets tax credits for distressed coal communities.
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 ``Creating Opportunities for Rural
Economies Act'' or the ``CORE Act''.
SEC. 2. ADDITIONAL NEW MARKETS TAX CREDIT FOR DISTRESSED COAL
COMMUNITIES.
(a) In General.--Section 45D(f) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
``(4) Set aside of portion of limitation for distressed
coal communities.--
``(A) In general.--For any calendar year after
2016, not less than 5 percent of the new markets tax
credit limitation shall be allocated to qualified
community development entities in connection with
qualified investments the proceeds of which are
substantially used to make qualified coal community
investments.
``(B) Qualified coal community investment.--For
purposes of this paragraph--
``(i) In general.--The term `qualified coal
community investment' means--
``(I) any capital or equity
investment in, or loan to, any
qualified active distressed coal
community business,
``(II) the purchase from another
community development entity of any
loan made by such entity which is a
qualified coal community investment,
``(III) financial counseling and
other services specified in regulations
prescribed by the Secretary to
businesses located in, and residents
of, distressed coal communities, and
``(IV) any equity investment in, or
loan to, any qualified community
development entity in connection
qualified investments the proceeds of
which are substantially used to make
qualified coal community investments.
``(ii) Qualified active distressed coal
community business.--The term `qualified active
coal community business' means any business
which would be a qualified active low-income
community business if paragraphs (2) and (3) of
subsection (d) were applied by substituting
`distressed coal community' for `low-income
community' each place it appears.
``(iii) Distressed coal community.--
``(I) In general.--The term
`distressed coal community' means any
low-income community which is located
in a county which--
``(aa) was one of the 30
counties with the biggest
employment decrease among coal
operators (as determined under
reports issued by the Mine
Safety and Health
Administration) for an
applicable period, or
``(bb) is contiguous to a
county which--
``(AA) is described
in item (aa) and is
within the same State
as such county, and
``(BB) contains not
less than 1 low-income
community.
``(II) Applicable periods.--For
purposes of subclause (I)(aa), the term
`applicable period' means any of the
following periods:
``(aa) Calendar year 2013
compared to calendar year 2012.
``(bb) Calendar year 2014
compared to calendar year 2013.
``(cc) Calendar year 2015
compared to calendar year 2014.
``(C) Limitation of allocation of set aside.--
``(i) In general.--In allocating the
portion of the new markets tax credit
limitation to which subparagraph (A) applies,
the Secretary shall ensure that, with respect
to any eligible State, not less than the
minimum percentage of such limitation is
allocated to qualified community development
entities making qualified coal community
investments in such eligible State.
``(ii) Minimum percentage.--For purposes of
clause (i), the minimum percentage for any
eligible State is the percentage equal to 80
percent of the ratio of--
``(I) the qualified coal operator
employment decrease in such State, to
``(II) the total qualified coal
operator employment decrease in all
eligible States.
``(iii) Qualified coal operator employment
decrease.--For purposes of clause (ii), the
term `qualified coal operator employment
decrease' means, with respect to any eligible
State, the aggregate amount of employment
decrease among coal operators for all counties
in such State--
``(I) in which there is a low-
income community, and
``(II) which are taken into account
under item (aa) of subparagraph
(B)(iii)(I).
``(iv) Eligible state.--For purposes of
this subparagraph, the term `eligible State'
means any State in which there is a distressed
coal community.
``(D) Application of carryover.--Paragraph (3)
shall be applied separately with respect to amounts
described in subparagraph (A).''.
(b) Application of Recapture Rules.--Section 45D(g)(3)(B) of the
Internal Revenue Code of 1986 is amended by inserting ``(or, in the
case of an investment described in subsection (f)(4), as required under
such subsection)'' after ``(b)(1)(B)''.
<all>
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR H6370)
Referred to the House Committee on Ways and Means.
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