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301.7701-2(b)(1) specifically provides that for federal tax purposes, the term corporation includes [a] business entity organized under a Federal or State statute, or under a statute of a federally recognized Indian tribe, if the statute describes or refers to the entity as incorporated or as a corporation, body corporate, or body politic. That the definition of QALICB includes the parenthetical including a non-profit corporation does not change the plain meaning of Treasury Regulation 301.7701-2(b)(1) that for federal tax purposes, the term corporation includes a tribal corporation. Rather, a more reasonable interpretation for the inclusion of the parenthetical in the Code is to clarify that a nonprofit corporation can still qualify as a QALICB even though it is not involved in the active conduct of a trade or business. If Congress had intended on excluding tribal corporations as QALICBs, the legislation would have included a specific prohibition. That IRC Section 45D does not include such a specific prohibition clearly indicates that Congress had no such intent. In fact, excluding tribal corporations seems wholly inconsistent with Congress intent in amending IRC Section 45D to include the Targeted Populations provision in Section 45D(e)(2). Targeted Populations are defined by referencing section 103(20) of the Reigle Community Development and Regulatory Act of 1994 which specifically includes Indian Tribes as a potential targeted population. Conclusion There is no evidence that Congress intended on excluding tribal corporations from the definition of QALICB. Consequently, practitioners, NMTC allocatees and NMTC investors should have no concerns with using tribal corporations as QALICBs for NMTC transactions in Indian Country.