II 115th CONGRESS 1st Session S. 1946 IN THE SENATE OF THE UNITED STATES October 5, 2017 Mr. Menendez introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to allow unpopulated census tracts that are contiguous to low-income communities to be treated as low-income communities under the new markets tax credit.

1. Treatment of certain unpopulated census tracts under new markets tax credit (a) In general Section 45D(e)(4)(A) of the Internal Revenue Code of 1986 is amended— (1) by striking is within and inserting is— (i) within ; (2) by striking and at the end and inserting or ; and (3) by adding at the end the following new clause: (ii) a census tract with a population of zero, and . (b) Effective date The amendments made by this section shall apply to investments made after the date of the enactment of this Act.