H.R. 5742, To amend the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for community development entities created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
• This bill, or a similar bill, was reintroduced in the current Congress as H.R. 473, To amend the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for community development entities created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands.

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H.R. 5742 would amend the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for community development entities created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands.

Detailed Summary

Amends the Internal Revenue Code to qualify corporations and partnerships created or organized as community development entities in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, or the Virgin Islands for the new markets tax credit.

Status of the Legislation

Latest Major Action: 4/9/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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