,,ii #aafth ,,congress #b;d ,session ,s4 #caha ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #i1 #bjbj,ms4 ,murkowski 7for herself1 ,mr4 ,schatz1 ,ms4 ,hirono1 and ,mr4 ,sullivan7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to expand the new markets tax credit to assist ,native ,american communities1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,inspiring ,nationally ,vibrant ,economies ,sustaining ,tribes ,act of #bjbj or the ,,invest ,act4 #b4 ,expansion of new markets tax credit 7a7 ,low-,income community ,paragraph 7#a7 of section #de;,d7e7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7#a7 ,definition 7,a7 ,in general ,the term low-income community means-- 7i7 any population census tract if-- 7,i7 the poverty rate for such tract is at least #bj percent1 or 7,,ii7 7aa7 in the case of a tract not located within a metropolitan area1 the median family income for such tract does not exceed #hj percent of statewide median family income1 or 7bb7 in the case of a tract located within a metropolitan area1 the median family income for such tract does not exceed #hj percent of the greater of statewide median family income or the metropolitan area median family income1 7ii7 any trust land 7as defined at section #cgfe of title #ch1 ,united ,states ,code71 7iii7 any land within a township that encloses all or part of a ,native village 7as defined in section #c7;c7 of the ,alaska ,native ,claims ,settlement ,act 7#dc ,u4,s4,c4 #afjb7;c771 or 7iv7 any land that is part or all of a ,tribal designated statistical area associated with an ,indian tribe as defined by the ,census ,bureau for the purposes of the most recent decennial census4 7,b7 ,median family income ,subclause 7,,ii7 of subparagraph 7,a77i7 shall be applied using possessionwide median family income in the case of census tracts located within a possession of the ,united ,states4 4 7b7 ,allocation of national limitation 7#a7 ,in general ,section #de;,d7f77#b7 of the ,internal ,revenue ,code of #aihf is amended by striking shall give priority to and all that follows and inserting shall-- 7,a7 give priority to any entity-- 7i7 with a record of having successfully provided capital or technical assistance to disadvantaged businesses or communities or to ,indian tribes or ,native ,american communities1 or 7ii7 which intends to satisfy the requirement under subsection 7b77#a77;,b7 by making qualified low-income community investments in #a or more businesses in which persons unrelated to such entity 7within the meaning of section #bfg7;b7 or #gjg7;b77#a77 hold the majority equity interest1 and 7,b7 ensure that not less than #aj percent of such limitation is allocated to qualified ,indian community development entities for investments that primarily serve low-income communities described in clauses 7ii71 7iii71 and 7iv7 of subsection 7e77#a77;,a74 4 7#b7 ,qualified ,indian community development entity ,section #de;,d7f7 of such ,code is amended by adding at the end the following new paragraph3 7#d7 ,qualified ,indian community development entity ,for purposes of paragraph 7#b77;,b71 the term qualified ,indian community development entity means any qualified community development entity which is-- 7,a7 at least #ea percent owned and controlled by an ,indian tribe 7as defined in section #d7;e7 of the ,indian ,self-,determination and ,education ,assistance ,act 7#be ,u4,s4,c4 #ecjd7;e771 or 7,b7 a ,native community development financial institution 7as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb774 4 7c7 ,effective date ,the amendments made by this section shall apply to calendar years beginning after ,december #ca1 #bjbj4 #c4 ,native community development financial institutions 7a7 ,definition of a ,native community development financial institution ,section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb7 is amended-- 7#a7 by redesignating paragraphs 7#ah7 through 7#ba7 as paragraphs 7#ai7 through 7#bb71 respectively2 and 7#b7 by inserting after paragraph 7#ag7 the following3 7#ah7 ,native community development financial institution 7,a7 ,in general ,the term ,native community development financial institution means a community development financial institution-- 7i7 the activities of which not less than #ea percent serve ,native ,americans2 or 7ii7 that is not less than #ea percent owned or controlled ,native ,americans4 7,b7 ,native ,americans ,in this paragraph1 the term ,native ,americans has the meaning given the term in section #cgfe of title #ch1 ,united ,states ,code4 4 7b7 ,assistance for ,native community development financial institutions ,section #ajh7;a7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjg7;a77 is amended by adding at the end the following3 7#e7 ,assistance for ,native community development financial institutions ,the ,fund shall provide financial assistance1 technical assistance1 and training to build the capacity of ,native community development financial institutions4 4 #d4 ,technical assistance pilot program 7a7 ,in general ,the ,secretary of the ,interior1 acting through the ,assistant ,secretary for ,indian ,affairs1 shall-- 7#a7 establish a program to provide technical assistance to qualified ,indian community development entities 7as defined in section #de;,d of the ,internal ,revenue ,code of #aihf7 with respect to the process for applications for allocations of the new markets tax credit under section #de;,d of the ,internal ,revenue ,code of #aihf2 and 7#b7 work with the ,director of the ,community ,development ,financial ,institutions ,fund to provide assistance to qualified ,indian community development entities to improve the competitiveness of applications for such allocations4 7b7 ,authorization of appropriations ,there is authorized to be appropriated to the ,secretary of the ,interior to carry out this section #ejj1jjj for each of fiscal years #bjba through #bjbe4