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Text of the New Markets Tax Credit Extension Act of 2009

This bill was introduced on August 5, 2009, in a previous session of Congress, but was not enacted. The text of the bill below is as of Aug 5, 2009 (Introduced).

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Source: GPO

II

111th CONGRESS

1st Session

S. 1583

IN THE SENATE OF THE UNITED STATES

August 5, 2009

(for himself and Ms. Snowe) 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 extend the new markets tax credit through 2014, and for other purposes.

1.

Short title

This Act may be cited as the New Markets Tax Credit Extension Act of 2009.

2.

Extension of new markets tax credit

(a)

Extension

(1)

In general

Subparagraph (F) of section 45D(f)(1) of the Internal Revenue Code of 1986 is amended by striking 2009 and inserting each of 2009 through 2014.

(2)

Conforming amendment

Section 45D(f)(3) of such Code is amended by striking 2014 and inserting 2021.

(b)

Inflation adjustment

Subsection (f) of section 45D of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

(4)

Inflation adjustment

(A)

In general

In the case of any calendar year beginning after 2009, the dollar amount in paragraph (1)(F) shall be increased by an amount equal to—

(i)

such dollar amount, multiplied by

(ii)

the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting calendar year 2008 for calendar year 1992 in subparagraph (B) thereof.

(B)

Rounding rule

If a dollar amount in paragraph (1)(F), as increased under subparagraph (A), is not a multiple of $1,000,000, such amount shall be rounded to the nearest multiple of $1,000,000.

.

(c)

Alternative minimum tax relief

Subparagraph (B) of section 38(c)(4) of the Internal Revenue Code of 1986 is amended—

(1)

by redesignating clauses (v) through (viii) as clauses (vi) through (ix), respectively, and

(2)

by inserting after clause (iv) the following new clause:

(v)

the credit determined under section 45D to the extent that such credit is attributable to a qualified equity investment which is designated as such under subsection (b)(1)(C) of such section pursuant to an allocation of the new markets tax credit limitation for calendar years 2009 through 2014,

.

(d)

Effective dates

(1)

In general

The amendments made by this section shall take effect on the date of the enactment of this Act.

(2)

Subsection (c)

The amendments made by subsection (c) shall apply to credits determined under section 45D of the Internal Revenue Code of 1986 in taxable years ending after the date of the enactment of this Act and to carrybacks of such credits.