H. R. 2655
IN THE HOUSE OF REPRESENTATIVES
July 26, 2011
Mr. Gerlach (for himself, Mr. Neal, Mr. Tiberi, Mr. Rangel, Mr. McDermott, Mr. Lewis of Georgia, and Mr. Blumenauer) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to extend the new markets tax credit through 2016, and for other purposes.
This Act may be cited as the
New Markets Tax Credit Extension Act
Extension of new markets tax credit
Paragraph (1) of section 45D(f) of the Internal Revenue Code of 1986 is amended—
by striking the
period at the end of subparagraph (G) and inserting
by adding at the end the following new subparagraph:
$5,000,000,000 for 2012, 2013, 2014, 2015, 2016.
Section 45D(f)(3) of such Code is amended by striking
2016 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 2012, the dollar amount in paragraph (1)(H) 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 2011 for
calendar year 1992 in subparagraph (B) thereof.
If a dollar amount in paragraph (1)(G), 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 (ix) as clauses (vi) through (x), respectively, and
by inserting after clause (iv) the following new clause:
the credit determined under section 45D, but only with respect to credits determined with respect to qualified equity investments (as defined in section 45D(b)) initially made before January 1, 2017,
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 with respect to qualified equity investments (as defined in section 45D(b) of the Internal Revenue Code of 1986) initially made after the date of the enactment of this Act.