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59-574: The New Markets Tax Credit Program was established as part of the Community Renewal Tax Relief Act of 2000 . The goal of the program is to stimulate regeneration of low-income and impoverished communities across the United States. The NMTC Program provides tax credits to investors for equity investments in certified Community Development Entities (CDEs), which invest in low-income communities. The credit equals 39% of

118-559: A United States senator from West Virginia (1985–2015). He was first elected to the Senate in 1984, while in office as governor of West Virginia (1977–1985). Rockefeller moved to Emmons, West Virginia , to serve as a VISTA worker in 1964 and was first elected to public office as a member of the West Virginia House of Delegates (1966–1968). Rockefeller was later elected secretary of state of West Virginia (1968–1973) and

177-505: A 60% exclusion of gain from the sale of their stock, deferral of gain on qualifying assets if the proceeds are reinvested in appropriate replacement assets and easier access to tax-exempt financing." A third provision of the Community Renewal Tax Relief Act of 2000 was the establishment of tax incentives for investment or loans provided to small businesses in low-income communities. This tax credit, known as

236-586: A Senate seat. He was re-elected in 1990 , 1996 , 2002 and 2008 by substantial margins. He was chair of the Committee on Veterans' Affairs (1993–1995; January 3 to 20, 2001; and June 6, 2001 – January 3, 2003). Rockefeller was the chair of the Committee on Commerce, Science, and Transportation (2009–2015). In April 1992, he was the Democratic Party's finance chairman and considered running for

295-462: A TV interview, Rockefeller stated, I took a trip ... in January 2002 to Saudi Arabia , Jordan and Syria , and I told each of the heads of state that it was my view that George Bush had already made up his mind to go to war against Iraq, that that was a predetermined set course that had taken shape shortly after 9/11. Rockefeller noted that the comment expresses his personal opinion, and that he

354-575: A compromised server. On June 1, 2011, Rockefeller sponsored the fourth West Virginia Homeland Security Summit and Expo. The event ran two days and focused on homeland security with Rockefeller emphasizing cybersecurity. In 1997, Rockefeller co-authored the Children's Health Insurance Program (CHIP) – a program aimed at giving low-income children health insurance coverage. Annually, CHIP has been successfully covering about 6 million children, who otherwise would have been uninsured. On September 30, 2007,

413-400: A high rate of poverty and high unemployment rate (compared to rates nationwide). The communities must have under 200,000 people in them, but can be any physical size. Local and state governments must be involved with a community gaining this designation. They are required to participate by making their own commitments to taking action to reduce economic burdens on employers and businesses in

472-403: A proponent of a public option , fighting with some Democrats on the finance committee, in particular Max Baucus , the chairman of the committee, who contended that there was not enough support for a public option to gather the 60 votes needed to prevent a filibuster. Baucus asked repeatedly for Rockefeller to stop speaking on the issue. On September 29, 2009, Rockefeller offered an amendment to

531-599: A relentless public campaign in the aftermath of the attacks to use the war against Al Qaeda as a justification for overthrowing Saddam Hussein." In July 2007, Rockefeller announced that he planned to introduce legislation before the August congressional recess that would give the FCC the power to regulate TV violence. According to the edition of July 16, 2007, of Broadcasting & Cable, the new law would apply to both broadcast as well as cable and satellite programming. This would mark

590-519: A retroactive, nine-year immunity to U.S. officials who authorized, ordered, or committed acts of torture and abuse, permitting the use of statements obtained through torture to be used in military tribunals so long as the abuse took place by December 30, 2005. Rockefeller's vote authorized the President to establish permissible interrogation techniques and to "interpret the meaning and application" of international Geneva Convention standards, so long as

649-473: A special counsel or commission inquiry into the destruction of the tapes, stating "it is the job of the intelligence committees to do that." On September 28, 2006, Rockefeller voted with a largely Republican majority to suspend habeas corpus provisions for anyone deemed by the Executive Branch an "unlawful combatant," barring them from challenging their detentions in court. Rockefeller's vote gave

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708-799: A total award amount of over $ 60 billion. The New Markets Tax Credit is outlined in Section 45D of the Internal Revenue Code. Unlike many other tax credit programs (such as the Low-Income Housing Tax Credit Program , which was made a permanent part of the Internal Revenue Code in 1993 under the Clinton administration), as a non-permanent program, the New Markets Tax Credit has required renewal during each session of Congress. Most recently,

767-458: Is a trustee of New York's Asia Society , which was established by his father in 1956. He is also a member of the Council on Foreign Relations , a nonprofit think tank previously chaired by his uncle, David Rockefeller . As a senator, he voted against the 1993 North American Free Trade Agreement , which was heavily backed by David Rockefeller. Rockefeller served on the following committees in

826-499: Is based largely on the summary provided by the Congressional Research Service , a public domain source. Title I: Community Renewal and New Markets Title II: Two-Year Extension of Availability of Medical Savings Accounts Title III: Administrative and Technical Provisions Title IV: Tax Treatment of Securities Futures Contracts The Community Renewal Tax Relief Act of 2000 was introduced into

885-680: The 106th United States Congress . The Act was eventually passed as part of the Consolidated Appropriations Act, 2001 . The Community Renewal Tax Relief Act of 2000 is intended to improve development in economically distressed areas of the United States. The law offers "tax incentives for businesses to locate and hire residents in urban and rural areas that have not experienced recent economic expansion." Both rural and urban areas are eligible. Three primary means were used: renewal communities , empowerment zones , and community development entities. The bill also created

944-526: The 112th Congress : Rockefeller initially supported the use of force based upon the evidence presented by the intelligence community that linked Iraq to nuclear ambitions. After the Niger uranium forgeries , in which the Bush administration gave forged documents to U.N. weapons inspectors to support allegations against Iraq, Rockefeller started an investigation into the falsification and exaggeration of evidence for

1003-683: The Baucus Health Bill in the Senate Finance Committee to add a public option. The amendment was rejected 15 to 8, with five Democrats (Baucus, Kent Conrad , Blanche Lincoln , Tom Carper , Bill Nelson ) and all Republicans voting no. Rockefeller supported President Barack Obama's health reform legislation; he voted for the Patient Protection and Affordable Care Act in December 2009, and he voted for

1062-707: The Bureau of East Asian and Pacific Affairs . He continued his public service in 1964–1965 in the Volunteers in Service to America (VISTA), under President Lyndon B. Johnson , during which time he moved to Emmons, West Virginia . Rockefeller was elected to the West Virginia House of Delegates in 1966. During his tenure, in the summer of 1968, after Robert Kennedy 's assassination, his uncle Nelson Rockefeller , governor of New York, offered him to take up

1121-706: The First Lady , opening up his mansion next to Rock Creek Park for its first strategy meeting. The reform was subsequently defeated by an alliance between the Business Roundtable and a small-business coalition. In 2002, Rockefeller made an official visit to several Middle Eastern countries, during which he discussed his personal views regarding United States military intentions with the leaders of those countries. In October of that year, Rockefeller strongly expressed his concern for Saddam Hussein 's alleged weapons of mass destruction program while addressing

1180-539: The New Markets Tax Credit Program , is established for investments in community development entities (CDEs). CDEs have three official characteristics: their primary mission is to serve low-income communities and people, they are accountable to residents and include them on their governing boards, and they receive certification as a CDE from the U.S. Department of the Treasury. This summary

1239-429: The New Markets Tax Credit Program , which has been renewed several times and is still in effect. One provision of the Community Renewal Tax Relief Act of 2000 was the creation of 40 "renewal communities". Renewal communities would receive special tax breaks designed to encourage economic growth by generating business investment and job opportunities. Requirements to being designated a renewal community included having

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1298-435: The 1997 American Assembly meeting issued a report urging business leaders to reinvest in urban areas in the U.S. The final report also called for nonprofit and government officials to assist this new effort to open untapped markets by fostering "community capitalism", which it defined as a "for-profit, business-driven expansion of investment, job creation, and economic opportunities in distressed communities, with government and

1357-469: The AT&;T contributions represent about 2% of the money he raised during the previous year. Although publicly deploring torture, Rockefeller was one of two congressional Democrats briefed on waterboarding and other secret CIA practices in the early years of the Bush administration, as well as the existence of taped evidence of such interrogations ( later destroyed ). In December 2007, Rockefeller opposed

1416-533: The CDFI Fund each year for an "allocation authority" (the authority to raise a certain amount of capital, known as Qualified Equity Investments (QEIs), from investors). In 2001, the first year of the program, the CDFI Fund awarded $ 1 billion in allocation authority to CDEs, enabling them to raise $ 1 billion in QEIs from investors, which allowed those investors to reduce their federal tax liability by $ 390 million, 39% of

1475-696: The Chinese language. After college, Rockefeller worked for the Peace Corps in Washington, D.C., under President John F. Kennedy , where he developed a friendship with Attorney General Robert F. Kennedy and worked as an assistant to Peace Corps Director Sargent Shriver . He served as the operations director for the Corps' largest overseas program, in the Philippines . He worked for a brief time in

1534-445: The Community Renewal Tax Relief Act of 2000 was the improvement and expansion of an existing program of " empowerment zones ." The law authorized the creation of additional empowerment zones, which were originally created in 1993, and the expansion of some of the tax incentives available. These incentives include that businesses located in these zones "will enjoy a wage credit for certain employees, increased expensing of some property,

1593-623: The House on December 14, 2000 by Rep. William Reynolds Archer Jr. (R-TX) . It was referred to the United States House Committee on Ways and Means . It was eventually incorporated into H.R. 4577 , the Consolidated Appropriations Act, 2001, which became Pub. L.   106–554 (text) (PDF) . The Community Renewal Tax Relief Act of 2000 was passed in December 2000. At that time,

1652-562: The Internal Revenue Code and other federal guidance. As of 2010, there had been eight NMTC allocation rounds. Allocation awards for a prior round are typically made within the first quarter of the calendar year after a round. In the eighth round (2010), the CDFI fund awarded the $ 3.5 billion allocation authority pool (generating $ 1.365 billion in tax credits) to 99 CDEs chosen from 250 applicants, who had requested allocations totaling $ 23.5 billion. By 2021, there have been 16 rounds of allocations for

1711-559: The Internal Revenue Code, however the program expired in January 2014 without the bill passing. The program does continue. Per the CDFI, "as of the end of FY 2016, the NMTC Program has...financed over 5,400 businesses." Community Renewal Tax Relief Act of 2000 The Community Renewal Tax Relief Act of 2000 ( H.R. 5662 ) is a bill that was introduced into the United States House of Representatives during

1770-597: The New Markets Tax Credit Extension Act of 2013 ( S. 1133 ), which would make one component of the Community Renewal Tax Relief Act of 2000 permanent. [REDACTED]  This article incorporates public domain material from websites or documents of the United States Government . Jay Rockefeller John Davison "Jay" Rockefeller IV (born June 18, 1937) is a retired American politician who served as

1829-791: The New Markets Tax Credit program was extended as part of Section 733 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 . The NMTC program expired on December 31, 2011, along with several dozen of the so-called "tax extenders". It was retroactively renewed in H.R. 8, the American Taxpayer Relief Act of 2012 for another 2 years until January 2014. U.S. Senators Jay Rockefeller (D-West Virginia) and Roy Blunt (R-Missouri) introduced S.B. 1133, "New Markets Tax Credit Extension Act of 2013" in June 2013 to permanently add New Market Tax Credits to

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1888-611: The New Markets Tax Credit was scheduled to be a seven-year program. It was then reauthorized in subsequent years. Empowerment zone designations were set to expire at the end of 2011, but were extended until December 31, 2013 after President Barack Obama signed into law the American Taxpayer Relief Act of 2012 . Under rules from the Internal Revenue Service , all Empowerment Zone designations were extended unless they actively requested not to be extended. On June 11, 2013, Senator Jay Rockefeller (D-WV) introduced

1947-651: The Senate Intelligence Committee to grant retroactive immunity to telecommunications companies who were accused of unlawfully assisting the National Security Agency (NSA) in monitoring the communications of American citizens. This was an about-face of sorts for Senator Rockefeller, who had hand-written a letter to Vice President Dick Cheney in 2003 expressing his concerns about the legality of NSA's warrantless wire-tapping program. Some have attributed this change of heart to

2006-712: The Senator's seat. He would ultimately refuse. He was later elected to the office of West Virginia Secretary of State in 1968. He won the Democratic nomination for governor in 1972 but was defeated in the general election by the Republican incumbent, Arch A. Moore Jr. . Rockefeller then served as president of West Virginia Wesleyan College from 1973 to 1975. Rockefeller was elected governor of West Virginia in 1976 and re-elected in 1980 . He served as governor when manufacturing plants and coal mines were closing as

2065-552: The U.S. Senate: There has been some debate over how "imminent" a threat Iraq poses. I do believe that Iraq poses an imminent threat, but I also believe that after September 11 , that question is increasingly outdated. It is in the nature of these weapons, and the way they are targeted against civilian populations, that documented capability and demonstrated intent may be the only warning we get. To insist on further evidence could put some of our fellow Americans at risk. Can we afford to take that chance? We cannot! In November 2005 during

2124-529: The VA health care system. Rockefeller is also a strong supporter of the fight against Alzheimer's and neurological disease. The Blanchette Rockefeller Neurosciences Institute (BRNI) was founded in Morgantown in 1999 by Rockefeller and his family to help advance medical and scientific understanding of Alzheimer's and other diseases of the brain. BRNI is the world's only non-profit institute dedicated exclusively to

2183-680: The West Virginia University Libraries and the West Virginia & Regional History Center . The archival collection documents his 30-year career in the United States Senate. According to the website GovTrack, Rockefeller missed 541 of 9,992 roll call votes from January 1985 to July 2014. This amounted to 5.4 percent, which was worse than the median of 2.0 percent among senators serving as of July 2014. Rockefeller, along with his son Charles,

2242-660: The amount they invested in the CDEs over seven years. For the investors to be entitled to claim the credits over the seven-year compliance period, the CDEs must use "substantially all" ("Sub All") of the QEIs from investors, to make Qualified Low Income Community Investments (QLICIs) in Qualified Active Low Income Community Businesses (QALICBs) located in Low Income Communities (LICs). These specific terms are defined in

2301-485: The area, as well as taking steps to encourage economic growth. If a community is successful in becoming a designated renewal community, local business "may be entitled to employer wage credits for full-time employees and summer workers, an expanded expense deduction for tangible assets, an accelerated commercial revitalization deduction and a 100% exclusion for capital gains on the sale of certain renewal community business interests or tangible assets." Another provision of

2360-464: The coercion fell short of "serious" bodily or psychological injury. The bill became law on October 17, 2006. On February 29, 2008, he endorsed Barack Obama for president of the United States, citing Obama's judgment on the Iraq war and national security issues, and calling him the right candidate to lead America during a time of instability at home and abroad. This endorsement stood in stark contrast to

2419-539: The comment. Rockefeller later apologized for the comment and the Obama campaign issued a statement expressing Obama's disagreement with the comment. Senator Lindsey Graham (R) of South Carolina noted that "John didn't drop bombs from 35,000 feet. ... the bombs were not laser guided (in the 1960 and 1970s)". On April 1, 2009, Rockefeller introduced the Cybersecurity Act of 2009 - S.773 before Congress. Citing

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2478-400: The community sectors playing key supportive roles". To accomplish this, participants called for easier access to capital (especially through equity investment) and more technical assistance for businesses, seen as the two key ways of "energizing community capitalism in distressed areas". The report set out crucial components of the future New Markets initiative. The American Assembly disseminated

2537-765: The death of his patrilineal great-grandfather, John D. Rockefeller (1839–1937). He is a grandson of John D. Rockefeller Jr. Jay graduated from Phillips Exeter Academy in 1955. After his junior year at Harvard College , he spent three years studying Japanese at the International Christian University in Tokyo. He graduated from Harvard in 1961 with a Bachelor of Arts degree in Far Eastern languages and history. He attended Yale University and did graduate work in Oriental studies and studied

2596-478: The final report widely, including to the White House and Congress . Vice President Al Gore , supporting the conference's conclusions, stated that "the greatest untapped markets in the world are right here at home, in our distressed communities." The Community Development Financial Institutions Fund (CDFI Fund) in the U.S. Department of the Treasury was authorized to administer the program. CDEs apply to

2655-399: The first time that the FCC would be given power to regulate such a vast spectrum of content, which would include almost everything except material produced strictly for direct internet use. An aide to the senator said that his staff had also been carefully formulating the bill in such a way that it would be able to pass constitutional scrutiny by the courts. In 2007, Rockefeller began steering

2714-547: The investment paid out over seven years (5% in each of the first three years, then 6% in the final four years). A CDE must have a primary mission of investing in low-income communities and people. The concept of the NMTC emerged in the late 1990s, when numerous foundations and think tanks were promoting the idea of using business-oriented mechanisms to help bring jobs and prosperity to disadvantaged communities. For example, business, community, academic, and public sector participants at

2773-449: The national recession of the early 1980s hit West Virginia particularly hard. Between 1982 and 1984, West Virginia's unemployment rate hovered between 15 and 20 percent. In 1984 , he was elected to the United States Senate, narrowly defeating businessman John Raese as Ronald Reagan easily carried the state in the presidential election . As in his 1980 gubernatorial campaign against Arch Moore, Rockefeller spent over $ 12 million to win

2832-585: The only one to have held office as a Democrat , in what has been a traditionally Republican family (though he too was originally a Republican until he decided to run for office in the then-heavily Democratic state ). Rockefeller did not seek reelection in 2014 and was succeeded by Republican U.S. Representative Shelley Moore Capito . John Davison Rockefeller IV was born at New York Hospital in Manhattan to John Davison Rockefeller III (1906–1978) and Blanchette Ferry Hooker (1909–1992), 26 days after

2891-492: The oversight committee of Dow Jones & Company (a subsidiary of News Corporation) to request that it conduct an investigation into the hiring of former CEO Les Hinton , and whether any current or former executives had knowledge of or played a role in phone hacking. He announced on January 11, 2013, that he would not run for a sixth term. On March 25, 2013, Rockefeller announced his support for gay marriage . In November 2014, Rockefeller donated his senatorial archives to

2950-471: The presidency, but pulled out after consulting with friends and advisers. He went on to strongly endorse Bill Clinton as the Democratic nominee. He chaired the prominent Senate Intelligence Committee (retiring in January 2009), from which he commented frequently on the war in Iraq . In 1993, Rockefeller became the principal Senate supporter, with Ted Kennedy , behind Bill and Hillary Clinton 's sweeping health care reform package , liaising closely with

3009-494: The program expired, requiring Congress to reauthorize the legislation. On August 2, 2007, the vote for reauthorization passed legislation by a strong, bipartisan vote (68–31). Rockefeller authored successful legislation that required the Department of Veterans Affairs, for the first time, to provide a wide range of extended care services—such as home health care, adult day care, respite care, and hospice care—to veterans who use

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3068-589: The results of the state primary that was easily won by Hillary Clinton . On April 7, 2008, in an interview for The Charleston Gazette , Rockefeller criticized John McCain's Vietnam experience : McCain was a fighter pilot, who dropped laser-guided missiles from 35,000 feet. He was long gone when they hit. What happened when they get to the ground? He doesn't know. You have to care about the lives of people. McCain never gets into those issues. The McCain campaign called for an apology from Senator Rockefeller and for Barack Obama , whom Rockefeller endorsed, to denounce

3127-520: The spike in contributions from telecommunications companies to the senator just as these companies began lobbying Congress to protect them from lawsuits regarding their cooperation with the National Security Agency . Between 2001 and the start of this lobbying effort, AT&T employees had contributed only $ 300 to the senator. After the lobbying effort began, AT&T employees and executives donated $ 19,350 in three months. The senator has pledged not to rely on his vast fortune to fund his campaigns, and

3186-575: The study of both human memory and diseases of memory. Its primary mission is to accelerate neurological discoveries from the lab, including diagnostic tools and treatments, to the clinic to benefit patients who suffer from neurological and psychiatric diseases. A $ 30 million state-of-the-art BRNI research facility was opened at West Virginia University in Fall 2008. The approximately 80,000 square feet (7,400 m ) three-level building will house 100 scientists by 2012. On Healthcare Reform, Rockefeller has been

3245-626: The vulnerability of the Internet to cyber-attacks, the bill makes provisions to turn the Department of Commerce into a public-private clearing house to share potential threat information with the owners of large private networks. It authorizes the Secretary of Commerce to sequester any information deemed necessary, without regard to any law. It would also authorizes the president to declare an undefined "cyber-emergency" which would allow them to shut down any and all traffic to what they considers to be

3304-649: The war. Through the investigations, he became an outspoken critic of Bush and the Iraq war. As chair of the Intelligence committee, he presided over a critical report on the administration's handling of intelligence and war operations . Rockefeller and the Senate Select Committee on Intelligence released the final two pieces of the Phase II report on Iraq war intelligence on June 5, 2008. Rockefeller said, "The president and his advisers undertook

3363-608: Was not privy to any confidential information that such action was planned. On October 11, 2002, he was one of 77 senators who voted for the Iraq Resolution authorizing the Iraq invasion. In February 2010, regarding President Obama, Rockefeller said, He says 'I'm for clean coal,' and then he says it in his speeches, but he doesn't say it in here ... And he doesn't say it in the minds of my own people. And he's beginning to not be believable to me. Rockefeller faced criticism from West Virginia coal companies, which claimed that he

3422-590: Was out of touch. Rockefeller became the senior U.S. senator from West Virginia when Robert Byrd died in June 2010, after serving in the senate with Rockefeller for 25 years. In July 2011 Rockefeller was prominent in calling for U.S. agencies to investigate whether alleged phone hacking at News Corporation 's newspapers in the United Kingdom had targeted American victims of the September 11 attacks . Rockefeller and Barbara Boxer subsequently wrote to

3481-532: Was president of West Virginia Wesleyan College (1973–1975). He became the state's senior U.S. senator when the long-serving Senator Robert Byrd died in June 2010. Rockefeller is a great-grandson of oil tycoon John D. Rockefeller , who died less than a month before Jay's birth. He was the only serving politician of the Rockefeller family during his tenure in the United States Senate , and

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