IN THE SENATE OF THE UNITED STATES
August 5, 2009
Mr. Rockefeller (for himself and Ms. Snowe) introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to extend the new markets tax credit through 2014, and for other purposes.
This Act may be cited as the
New Markets Tax Credit Extension Act
Extension of new markets tax credit
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.
Section 45D(f)(3) of such Code is amended by striking
2014 and inserting
Subsection (f) of section 45D of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
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—
such dollar amount, multiplied by
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.
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.
Alternative minimum tax relief
Subparagraph (B) of section 38(c)(4) of the Internal Revenue Code of 1986 is amended—
by redesignating clauses (v) through (viii) as clauses (vi) through (ix), respectively, and
by inserting after clause (iv) the following new clause:
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,
The amendments made by this section shall take effect on the date of the enactment of this Act.
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.