ADVANCE Act
Latest action · Jun 29, 2017 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 29, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Aiding Development of Vital Assets in Native Communities and Environments Act of 2017 or the ADVANCE Act
This bill amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Community Development Financial Institutions (CDFI) Fund to provide outreach and training with respect to the New Markets Tax Credit (NMTC) in low-income communities with a disproportionately low amount of low-income community investments by community development entities.
(The NMTC is a non-refundable tax credit intended to encourage private capital investment in low-income communities. NMTCs are allocated by the CDFI Fund, a bureau of the Department of the Treasury, using a competitive application process.)
The CFDI Fund must also: (1) include in the application for the NMTC questions to determine and consider, as an innovative use or a comparable incentive in evaluating applications, the extent to which the applicant intends to make low-income community investments within Indian country; and (2) to the maximum extent practicable, ensure that at least one community development entity whose primary mission is to fund projects within or that directly benefit Indian country receives an allocation for each allocation round.
Cosponsors 15
Members who signed on, in the order they did. Signatures ran from Jun 29, 2017 to Oct 26, 2017; 8 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WA | Derek Kilmer | Original | Jun 29, 2017 |
| R-AK | Don Young | Original | Jun 29, 2017 |
| R-WA | Jaime Herrera Beutler | Original | Jun 29, 2017 |
| R-SD | Kristi L. Noem | Original | Jun 29, 2017 |
| D-CA | Norma J. Torres | Original | Jun 29, 2017 |
| D-WI | Ron Kind | Original | Jun 29, 2017 |
| D-WA | Suzan K. DelBene | Original | Jun 29, 2017 |
| R-OK | Tom Cole | Original | Jun 29, 2017 |
| D-MN | Betty McCollum | Jul 20, 2017 | |
| R-WA | Dan Newhouse | Jul 20, 2017 | |
| R-NM | Stevan Pearce | Jul 20, 2017 | |
| D-WI | Gwen Moore | Jul 27, 2017 | |
| R-ID | Michael K. Simpson | Jul 27, 2017 | |
| D-MN | Richard M. Nolan | Jul 27, 2017 | |
| D-TX | Sheila Jackson Lee | Oct 26, 2017 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jun 29, 2017 |
| House | Financial Services Committee | Referred Jun 29, 2017 |
Actions 2
Everything that happened, newest first.
- Jun 29, 2017Introduced in House
- Jun 29, 2017Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 112, June 29, 2017, page H5378.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 115-254 | BUILDING TRIBAL ECONOMIES: MODERNIZING TAX POLICIES THAT WORK FOR INDIAN COUNTRY69 pages | Indian Affairs Committee | Nov 1, 2017 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6213 | To direct the Community Development Financial Institutions Fund to perform an outreach program for the new markets tax credit to underserved communities, and for other purposes. | Reintroduction of | Sep 28, 2016 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To direct the Community Development Financial Institutions Fund to perform an outreach program for the new markets tax credit to underserved communities, and for other purposes.
- Short Titles as Introduced
- ADVANCE Act
- Aiding Development of Vital Assets in Native Communities and Environments Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jun 29, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
