To amend the Internal Revenue Code of 1986 to authorize the Secretary, for a period of 2 years, to allocate a new markets tax credit limitation to entities that serve or provide investment capital for distressed communities.
New Markets Tax Credit Expansion Act of 2009 - Amends the Internal Revenue Code to require the Secretary of the Treasury to allocate in 2010 and 2011 new markets tax credit amounts to community development entities that provide investment capital or technical assistance for a distressed community. Defines "distressed community" as a county designated by the Secretary of the Treasury as: (1) having, during a specified period, a residential or commercial mortgage foreclosure rate of 110% or more of the national average, a decline in the average fair market value of housing of at least 20%, or an unemployment rate of 110% or more of the national average; (2) having more than 50% of its housing loans with a loan-to-value ratio of greater than 80%; or (3) being in a disaster area.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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