II
113th CONGRESS
1st Session
S. 1133
IN THE SENATE OF THE UNITED STATES
June 11, 2013
Mr. Rockefeller (for himself, Mr. Blunt, Mr. Cardin, Ms. Collins, and Ms. Cantwell) 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 permanently extend the new markets tax credit, and for other purposes.
Short title
This Act may be cited as the
New Markets Tax Credit Extension Act
of 2013
.
Permanent extension of new markets tax credit
Extension
In general
Subparagraph (G) of section 45D(f)(1) of the Internal
Revenue Code of 1986 is amended by striking , 2011, 2012, and
2013
and inserting and each calendar year
thereafter
.
Conforming amendment
Section 45D(f)(3) of such Code is amended by striking the last sentence.
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:
Inflation adjustment
In general
In the case of any calendar year beginning after 2013, the dollar amount in paragraph (1)(G) shall be increased by an amount equal to—
such dollar amount, multiplied by
the
cost-of-living adjustment determined under section 1(f)(3) for the calendar
year, determined by substituting calendar year 2000
for
calendar year 1992
in subparagraph (B) thereof.
Rounding rule
Any increase under subparagraph (A) which is not a multiple of $1,000,000 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, 2014,
.
Effective dates
In general
Except as provided in paragraph (2), the amendments made by this section shall take effect on the date of the enactment of this Act.
Alternative minimum tax relief
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.