,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hife  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #ad1         
#bjbj,ms4 ,sewell ( ,alabama 7= h]self &
 ,mr4 ,re$7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,ways &    
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to make c]ta9     
improvem5ts to ! new m>kets tax cr$it1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,new ,m>kets       
,/abilization ,act4  #b4 ,improvem5ts to
 new m>kets tax cr$it  7a7 ,additional  
allocations  7#a7 ,9 g5]al ,section     
#de;,d7f77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by /rik+ subp>agraphs 
7,g7 & 7,h7 & ins]t+ ! foll[+ new       
subp>agraphs3  7,g7 #c1ejj1jjj1jjj = ea*
 ( cal5d> ye>s #bjaj ?r\gh #bjah1  7,h7 
#d1jjj1jjj1jjj = cal5d> ye> #bjai1  7,i7
 #g1jjj1jjj1jjj = cal5d> ye> #bjbj1     
7,j7 #f1ejj1jjj1jjj = cal5d> ye> #bjba1 
&  7,k7 #e1ejj1jjj1jjj = cal5d> ye>     
#bjbb4  4  7#b7 ,con=m+ am5dm5t ,section
 #de;,d7f77#c7 ( su* ,code is am5d$ by  

/rik+ #bjbe & ins]t+ #bjbg4  7#c7       
,special rule = allocations ( increas$  
#bjai & #bjbj limitation ,! am\nt ( !   
increase by reason ( ! am5dm5ts made by 
p>agraph 7#a7 9 ! new m>kets tax cr$it  
limitation = cal5d> ye> #bjai & ! am\nt 
( su* increase = cal5d> ye> #bjbj %all  
ea* be allocat$ 9 accordance ) section  
#de;,d7f77#b7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf to qualifi$ community          
developm5t entities 7z def9$ 9 section  
#de;,d7c7 ( su* ,code7 :i*-- 7,a7       
submitt$ an allocation application )    
respect to ! cal5d> ye> to :i* su*      
increase relates1 &  7,b7 7i7 did n     
receive an allocation ) respect to su*  
cal5d> ye>1 or  7ii7 receiv$ an         
allocation = su* cal5d> ye> 9 an am\nt  
less ?an ! am\nt reque/$ 9 ! allocation 
application4  7b7 ,p]man5t all[ance (   
cr$it aga9/ alt]native m9imum tax  7#a7 
,9 g5]al ,section #ch7;c77#d77;,b7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
clauses 7vii7 ?r\gh 7xii7 z clauses     
7viii7 ?r\gh 7xiii71 respectively1 & by 

ins]t+ aft] clause 7vi7 ! foll[+ new    
clause3  7vii7 ! cr$it det]m9$ "u       
section #de;,d to ! ext5t attributable  
to qualifi$ equity inve/m5ts orig9ally  
issu$ aft] ! date ( ! enactm5t ( ?is    
clause1  4  7#b7 ,effective date ,!     
am5dm5ts made by ?is subsection %all    
apply to taxable ye>s end+ aft] ! date (
 ! enactm5t ( ?is ,act4  7c7 ,cr$it     
all[$ ,to be c>ri$ back #e ye>s & ,to   
(fset entire tax liability z tempor>y   
inc5tive = mak+ inve/m5ts 9 qualifi$    
community developm5t entities  7#a7 ,9  
g5]al ,9 ! case ( ! portion ( ! new     
m>kets tax cr$it det]m9$ "u section     
#de;,d ( ! ,int]nal ,rev5ue ,code (     
#aihf :i* is attributable to qualifi$   
equity inve/m5ts orig9ally issu$ aft] ! 
date ( ! enactm5t ( ?is ,act & be=e     
,janu>y #a1 #bjbc-- 7,a7 sections #ch & 
#ci ( su* ,code %all be appli$ sep>ately
 ) respect to su* portion1  7,b7 not)/&+
 section #ci7;d7 ( su* ,code1 section   
#ci7;a7 ( su* ,code %all be appli$-- 7i7
 by sub/itut+ ea* ( ! #e taxable ye>s = 

! taxable ye> 9 p>agraph 7#a77;,a7 !re(1
  7ii7 by sub/itut+ #be taxable ye>s =  
#ba taxable ye>s 9 p>agraph 7#b77;,a7   
!re(1 &  7iii7 by sub/itut+ #bd taxable 
ye>s = #bj taxable ye>s 9 subp>agraph   
7#b77;,b7 !re(1  7,c7 ! am\nts describ$ 
9 subp>agraphs 7,a7 & 7,b7 ( section    
#ch7;c77#a7 ( su* ,code %all ea* be     
treat$ z be+ z]o1 &  7,d7 ! limitation  
"u section #ch7;c77#a7 ( su* ,code 7z   
modifi$ by subp>agraph 7,c77 %all be    
r$uc$ by ! cr$it all[$ "u section       
#ch7;a7 = ! taxable ye> 7o!r ?an !      
portion ( qualifi$ new m>kets tax cr$it 
to :i* ?is p>agraph applies74  7#b7     
,coord9ation ) o!r limitations ,!       
portion ( ! new m>kets tax cr$it to :i* 
p>agraph 7#a7 applies-- 7,a7 %all n be  
tak5 into acc\nt z a cr$it all[$ "u     
section #ch7;a7 ( su* ,code = purposes (
 p>agraphs 7#b77;,a77ii77,,ii7 &        
7#d77;,a77ii77,,ii7 ( section #ch7;c7 ( 
su* ,code1 &  7,b7 %all n be treat$ z   
describ$ 9 section #ch7;c77#d77;,b77vii7
 ( su* ,code1 z am5d$ by ?is ,act4  7d7 

,tempor>y ov]ride ( c]ta9 regulations   
treat+ debt modifications z ex*anges    
7#a7 ,9 g5]al ,= purposes ( ! ,int]nal  
,rev5ue ,code ( #aihf1 any modification 
( a ,,qcde loan :i* occurs dur+ ! p]iod 
beg9n+ on ,m>* #ab1 #bjbj1 & end+ on    
,decemb] #ca1 #bjbb1 %all n be treat$ an
 ex*ange ( an exi/+ debt in/rum5t = a   
new debt in/rum5t4  7#b7 ,,qcde loan ,= 
purposes ( ?is subsection1 ! t]m ,,qcde 
loan means any debt in/rum5t held by a  
qualifi$ community developm5t entity 7z 
def9$ 9 section #de;,d7c7 ( ! ,int]nal  
,rev5ue ,code ( #aihf7 to ! ext5t t !   
borr[] is a qualifi$ active l[-income   
community bus9ess 7z def9$ 9 section    
#de;,d7d77#b7 ( su* ,code74