1. Short title This Act may be cited as the Tribal Economic Assistance Act of 2017 . 2. Treatment of Indian Tribes as States with respect to bond issuance (a) Repeal of essential governmental function requirement Section 7871 of the Internal Revenue Code of 1986 is amended by striking subsections (b) and (e). (b) Effective date The amendments made by this section shall apply to transactions after, and obligations issued in calendar years beginning after, the date of the enactment of this Act. 3. Making permanent the Indian Employment Credit and deprecation rules for business property on Indian reservations (a) Indian employment credit (1) In general Section 45A of the Internal Revenue Code of 1986 is amended by striking subsection (f). (2) Effective date The amendment made by this subsection shall apply to taxable years beginning after December 31, 2016. (b) Accelerated Depreciation for Business Property on an Indian Reservation (1) In general Section 168(j) of the Internal Revenue Code of 1986 is amended by striking paragraph (9). (c) Effective date The amendment made by this subsection shall apply to property placed in service after December 31, 2016. 4. Priority under New Markets Tax Credit for qualified low-income community investments on Indian reservations (a) In general Subsection (f) of section 45D of the Internal Revenue Code of 1986 is amended— (1) in paragraph (2)— (A) in subparagraph (A), by striking or at the end; (B) in subparagraph (B), by striking the period and inserting , or ; and (C) by adding at the end the following new subparagraph: (C) which intends to make qualified low-income community investments within a reservation, including any such entity established by a tribe or an economic enterprise which intends to make such investments within a reservation.