S 3181 116th Congress Senate Taxation Alaska Natives and Hawaiians Banking and financial institutions regulation Business investment and capital Income tax credits Indian lands and resources rights Indian social and development programs Minority and disadvantaged businesses Poverty and welfare assistance

INVEST Act

Introduced: January 9, 2020 Introduced by: Murkowski, Lisa Republican · Alaska See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 9, 2020

Read twice and referred to the Committee on Finance.

Jan 9, 2020

Introduced in Senate

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Plain-English summary Congressional Research Service

Inspiring Nationally Vibrant Economies Sustaining Tribes Act of 2020 or the INVEST Act

This bill expands the definition of low-income community for purposes of the new markets tax credit to include lands held in trust for Native Americans, lands that enclose all or part of a Native American village, or Indian tribal lands. It also prioritizes the allocation of credit amounts for investment in American Indian, Alaska Native, and Native Hawaiian communities and requires an allocation of at least 10% of credit amounts to certain Indian community development entities for investments that primarily serve low-income communities.

The bill directs the Bureau of Indian Affairs in the Department of the Interior to provide technical assistance to qualified Indian community development entities regarding applications for allocations of the new markets tax credit and to work with the Community Development Financial Institutions Fund to provide assistance to such entities.

What's happening now January 9, 2020

Read twice and referred to the Committee on Finance.

Bill text 1 version