AID for Communities Act

Assistance in Development for Communities Act (AID for Communities Act) - Authorizes a trade-affected community, a group of such communities, or the Governor of a State on behalf of such communities to petition the Secretary of Commerce for eligibility certification for community-based economic development assistance. Specifies communities with a certain number of workers certified for trade adjustment assistance, including assistance with regard to the North American Free Trade Agreement (NAFTA).

(Sec. 5) Declares that each certified trade-affected community shall receive a grant of up to $100,000 for planning and technical assistance to develop economic plans for community adjustment assistance and community diversification. Makes community adjustment assistance available for: (1) constructing or expanding the industrial and commercial infrastructure, as well as advanced manufacturing centers, industrial parks, and water and sewer facilities; (2) improving educational opportunities, transportation, and technology infrastructure; (3) establishing small business incubators; and (4) taking other action necessary to capitalize on opportunities to diversify the economy and develop new industrial and commercial ventures.

(Sec. 6) Amends the Internal Revenue Code, with respect to the work opportunity tax credit for a portion of qualified wages an employer pays members of a targeted group, to treat as a targeted group individuals certified by the designated local agency as adversely affected by trade-related activities and residing in a trade-affected community.

Establishes a new markets tax credit for any taxpayer holding a qualified equity investment equal to six percent of the amount paid to the qualified community development entity for such investment at its original issue, if: (1) the investment is acquired by the taxpayer at its original issue solely in exchange for cash; and (2) substantially all of such cash is used by the entity to make qualified low-income community investments.

Defines qualified community development entity as any domestic corporation or partnership (including a specialized small business investment company or community development financial institution): (1) whose primary mission is serving, or providing investment capital for, low-income communities or low-income persons; and (2) which maintains accountability to residents of low-income communities through representation on governing or advisory boards or otherwise.

Sets a new markets tax credit limitation of $750 million for each of calendar years 2001 through 2005, and zero for following years.

(Sec. 7) Directs the Secretary to establish a one-stop clearinghouse for States and local governments to obtain information regarding assistance available for trade-affected communities.

(Sec. 8) Authorizes appropriations.