text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Creating Opportunities for Rural 
  Economic Expansion Act'' or the ``CORE Act''.
  
  SEC. 2. ADDITIONAL NEW MARKETS TAX CREDIT FOR DISTRESSED COAL 
                COMMUNITIES.
  
      (a) In General.--Section 45D(f) of the Internal Revenue Code of 
  1986 is amended by adding at the end the following new paragraph:
              ``(4) Set aside of portion of limitation for distressed 
          coal communities.--
                      ``(A) In general.--For any calendar year after 
                  2016, not less than 5 percent of the new markets tax 
                  credit limitation shall be allocated to qualified 
                  community development entities in connection with 
                  qualified investments the proceeds of which are 
                  substantially used to make qualified coal community 
                  investments.
                      ``(B) Qualified coal community investment.--For 
                  purposes of this paragraph--
                              ``(i) In general.--The term `qualified coal 
                          community investment' means--
                                      ``(I) any capital or equity 
                                  investment in, or loan to, any 
                                  qualified active distressed coal 
                                  community business,
                                      ``(II) the purchase from another 
                                  community development entity of any 
                                  loan made by such entity which is a 
                                  qualified coal community investment,
                                      ``(III) financial counseling and 
                                  other services specified in regulations 
                                  prescribed by the Secretary to 
                                  businesses located in, and residents 
                                  of, distressed coal communities, and
                                      ``(IV) any equity investment in, or 
                                  loan to, any qualified community 
                                  development entity in connection with 
                                  qualified investments the proceeds of 
                                  which are substantially used to make 
                                  qualified coal community investments.
                              ``(ii) Qualified active distressed coal 
                          community business.--The term `qualified active 
                          coal community business' means any business 
                          which would be a qualified active low-income 
                          community business if paragraphs (2) and (3) of 
                          subsection (d) were applied by substituting 
                          `distressed coal community' for `low-income 
                          community' each place it appears.
                              ``(iii) Distressed coal community.--
                                      ``(I) In general.--The term 
                                  `distressed coal community' means any 
                                  low-income community which is located 
                                  in a county which--
                                              ``(aa) was one of the 30 
                                          counties with the biggest 
                                          employment decrease among coal 
                                          operators (as determined under 
                                          reports issued by the Mine 
                                          Safety and Health 
                                          Administration) for an 
                                          applicable period, or
                                              ``(bb) is contiguous to a 
                                          county which--
  
                                                      ``(AA) is described 
                                                  in item (aa) and is 
                                                  within the same State 
                                                  as such county, and
  
                                                      ``(BB) contains not 
                                                  less than 1 low-income 
                                                  community.
  
                                      ``(II) Applicable periods.--For 
                                  purposes of subclause (I)(aa), the term 
                                  `applicable period' means any of the 
                                  following periods:
                                              ``(aa) Calendar year 2013 
                                          compared to calendar year 2012.
                                              ``(bb) Calendar year 2014 
                                          compared to calendar year 2013.
                                              ``(cc) Calendar year 2015 
                                          compared to calendar year 2014.
                      ``(C) Limitation of allocation of set aside.--
                              ``(i) In general.--In allocating the 
                          portion of the new markets tax credit 
                          limitation to which subparagraph (A) applies, 
                          the Secretary shall ensure that, with respect 
                          to any eligible State, not less than the 
                          minimum percentage of such limitation is 
                          allocated to qualified community development 
                          entities making qualified coal community 
                          investments in such eligible State.
                              ``(ii) Minimum percentage.--For purposes of 
                          clause (i), the minimum percentage for any 
                          eligible State is the percentage equal to 80 
                          percent of the ratio of--
                                      ``(I) the qualified coal operator 
                                  employment decrease in such State, to
                                      ``(II) the total qualified coal 
                                  operator employment decrease in all 
                                  eligible States.
                              ``(iii) Qualified coal operator employment 
                          decrease.--For purposes of clause (ii), the 
                          term `qualified coal operator employment 
                          decrease' means, with respect to any eligible 
                          State, the aggregate amount of employment 
                          decrease among coal operators for all counties 
                          in such State--
                                      ``(I) in which there is a low-
                                  income community, and
                                      ``(II) which are taken into account 
                                  under item (aa) of subparagraph 
                                  (B)(iii)(I).
                              ``(iv) Eligible state.--For purposes of 
                          this subparagraph, the term `eligible State' 
                          means any State in which there is a distressed 
                          coal community.
                      ``(D) Application of carryover.--Paragraph (3) 
                  shall be applied separately with respect to amounts 
                  described in subparagraph (A).''.
      (b) Application of Recapture Rules.--Section 45D(g)(3)(B) of the 
  Internal Revenue Code of 1986 is amended by inserting ``(or, in the 
  case of an investment described in subsection (f)(4), as required under 
  such subsection)'' after ``(b)(1)(B)''.
target: Creating Opportunities for Rural Economic Expansion Act or the CORE Act  This bill amends the Internal Revenue Code to require at least 5% of the new markets tax credit limitation to be allocated to community development entities in connection with certain investments, financial counseling, and other services in distressed coal communities.  A &quot;distressed coal community&quot; is any low-income community located in a county that: (1) was one of the 30 counties with the biggest employment decrease among coal operators over a specified time period; or (2) is contiguous to a county that has the required decrease in employment, is located in the same state, and contains at least one low-income community. 
feat_title: CORE Act