,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cech  ,,in ,,the ,,house ,,of  
,,representatives  ,june #bg1 #bjai,ms4 
,sewell of ,alabama 7for herself and    
,mr4 ,smith of ,missouri7 introduced the
 following bill2 which was referred to  
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to provide for new      
markets tax credit investments in the   
,rural ,jobs ,zone4  #a4 ,short title   
,this ,act may be cited as the ,rural   
,jobs ,act4  #b4 ,allocations of new    
markets tax credit limitation for ,rural
 ,jobs ,zone  7a7 ,in general ,section  
#de;,d7f7 of the ,internal ,revenue     
,code of #aihf is amended by adding at  
the end the following new paragraph3    
7#d7 ,allocations for the ,rural ,jobs  
,zone  7,a7 ,in general ,in addition to 
any new markets tax credit limitation   
under paragraph 7#a71 there are the     
following amounts of new markets tax    
credit limitation which shall be        
allocated by the ,secretary only to     

,rural ,jobs ,zone development entities 
for making ,rural ,jobs ,zone equity    
investments3  7i7 #ejj1jjj1jjj for      
#bjai4  7ii7 #ejj1jjj1jjj for #bjbj4    
7,b7 ,rural ,jobs ,zone development     
entity ,for purposes of this paragraph1 
the term ,rural ,jobs ,zone development 
entity means any qualified community    
development entity a significant mission
 of which is the economic development   
of1 and the creation and retention of   
jobs in1 the ,rural ,jobs ,zone4  7,c7  
,rural ,jobs ,zone equity investment    
,for purposes of this paragraph1 the    
term ,rural ,jobs ,zone equity          
investment means any equity investment  
which would be a qualified equity       
investment if the only low-income       
community was the ,rural ,jobs ,zone4   
7,d7 ,rural ,jobs ,zone ,for purposes of
 this paragraph1 the term ,rural ,jobs  
,zone means the area comprised of       
low-income communities which are a      
portion of neither-- 7i7 a city or town 
that has a population of greater than   

#ej1jjj inhabitants1 nor  7ii7 any      
urbanized area contiguous and adjacent  
to such a city or town4  7,e7 ,minimum  
investment in persistent poverty        
counties and high migration rural       
counties  7i7 ,in general ,the          
,secretary shall prescribe regulations  
or other guidance pursuant to which not 
less than #be percent of the ,rural     
,jobs ,zone equity investments made     
pursuant to allocations made under this 
paragraph are invested in areas which   
are persistent poverty counties1 high   
migration rural counties 7as defined in 
subsection 7e77#e77;,b771 or both4  7ii7
 ,persistent poverty counties ,for      
purposes of this subparagraph1 the term 
persistent poverty county means any     
county that has had #bj percent or more 
of its population living in poverty over
 the past #cj years1 as measured by the 
#aiij and #bjjj decennial censuses and  
the most recent ,small ,area ,income and
 ,poverty ,estimates4  7,f7 ,application
 of carryover ,paragraph 7#c7 shall be  

applied separately with respect to the  
amounts specified in subparagraph 7,a74 
4  7b7 ,effective date ,the amendment   
made by this section shall apply to     
allocations made after the date of the  
enactment of this ,act4