| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 479 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to permanently extend the |
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| 6 | 6 | | new markets tax credit, and for other purposes. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | FEBRUARY6 (legislative day, FEBRUARY5), 2025 |
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| 9 | 9 | | Mr. D |
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| 10 | 10 | | AINES(for himself, Mr. WARNER, Mr. BOOZMAN, Mr. WELCH, Mr. CAS- |
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| 11 | 11 | | SIDY, Mr. SCHUMER, Mrs. HYDE-SMITH, Mrs. SHAHEEN, Mr. RICKETTS, |
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| 12 | 12 | | Ms. K |
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| 13 | 13 | | LOBUCHAR, Mr. MORAN, Ms. CANTWELL, Mr. WICKER, Mr. |
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| 14 | 14 | | H |
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| 15 | 15 | | ICKENLOOPER, Mrs. BLACKBURN, and Mr. BOOKER) introduced the fol- |
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| 16 | 16 | | lowing bill; which was read twice and referred to the Committee on Fi- |
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| 17 | 17 | | nance |
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| 18 | 18 | | A BILL |
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| 19 | 19 | | To amend the Internal Revenue Code of 1986 to permanently |
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| 20 | 20 | | extend the new markets tax credit, and for other purposes. |
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| 21 | 21 | | Be it enacted by the Senate and House of Representa-1 |
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| 22 | 22 | | tives of the United States of America in Congress assembled, 2 |
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| 23 | 23 | | SECTION 1. SHORT TITLE. 3 |
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| 24 | 24 | | This Act may be cited as the ‘‘New Markets Tax 4 |
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| 25 | 25 | | Credit Extension Act of 2025’’. 5 |
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| 26 | 26 | | SEC. 2. PERMANENT EXTENSION OF NEW MARKETS TAX 6 |
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| 27 | 27 | | CREDIT. 7 |
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| 28 | 28 | | (a) E |
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| 29 | 29 | | XTENSION.— 8 |
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| 30 | 30 | | VerDate Sep 11 2014 17:30 Mar 08, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S479.IS S479 |
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| 31 | 31 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 32 | 32 | | •S 479 IS |
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| 33 | 33 | | (1) IN GENERAL.—Subparagraph (H) of section 1 |
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| 34 | 34 | | 45D(f)(1) of the Internal Revenue Code of 1986 is 2 |
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| 35 | 35 | | amended by striking ‘‘for each of calendar years 3 |
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| 36 | 36 | | 2020 through 2025’’ and inserting ‘‘calendar year 4 |
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| 37 | 37 | | 2020 and each calendar year thereafter’’. 5 |
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| 38 | 38 | | (2) C |
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| 39 | 39 | | ONFORMING AMENDMENT .—Section 6 |
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| 40 | 40 | | 45D(f)(3) of such Code is amended by striking the 7 |
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| 41 | 41 | | last sentence. 8 |
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| 42 | 42 | | (b) I |
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| 43 | 43 | | NFLATIONADJUSTMENT.—Subsection (f) of sec-9 |
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| 44 | 44 | | tion 45D of the Internal Revenue Code of 1986 is amend-10 |
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| 45 | 45 | | ed by adding at the end the following new paragraph: 11 |
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| 46 | 46 | | ‘‘(4) I |
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| 47 | 47 | | NFLATION ADJUSTMENT .— 12 |
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| 48 | 48 | | ‘‘(A) I |
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| 49 | 49 | | N GENERAL.—In the case of any cal-13 |
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| 50 | 50 | | endar year beginning after 2025, the dollar 14 |
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| 51 | 51 | | amount in paragraph (1)(H) shall be increased 15 |
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| 52 | 52 | | by an amount equal to— 16 |
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| 53 | 53 | | ‘‘(i) such dollar amount, multiplied by 17 |
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| 54 | 54 | | ‘‘(ii) the cost-of-living adjustment de-18 |
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| 55 | 55 | | termined under section 1(f)(3) for the cal-19 |
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| 56 | 56 | | endar year, determined by substituting 20 |
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| 57 | 57 | | ‘calendar year 2000’ for ‘calendar year 21 |
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| 58 | 58 | | 2016’ in subparagraph (A)(ii) thereof. 22 |
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| 59 | 59 | | ‘‘(B) R |
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| 60 | 60 | | OUNDING RULE .—Any increase 23 |
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| 61 | 61 | | under subparagraph (A) which is not a multiple 24 |
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| 62 | 62 | | VerDate Sep 11 2014 17:30 Mar 08, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S479.IS S479 |
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| 63 | 63 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 64 | 64 | | •S 479 IS |
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| 65 | 65 | | of $1,000,000 shall be rounded to the nearest 1 |
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| 66 | 66 | | multiple of $1,000,000.’’. 2 |
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| 67 | 67 | | (c) A |
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| 68 | 68 | | LTERNATIVEMINIMUMTAXRELIEF.—Subpara-3 |
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| 69 | 69 | | graph (B) of section 38(c)(4) of the Internal Revenue 4 |
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| 70 | 70 | | Code of 1986 is amended— 5 |
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| 71 | 71 | | (1) by redesignating clauses (vii) through (xii) 6 |
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| 72 | 72 | | as clauses (viii) through (xiii), respectively, and 7 |
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| 73 | 73 | | (2) by inserting after clause (vi) the following 8 |
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| 74 | 74 | | new clause: 9 |
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| 75 | 75 | | ‘‘(vii) the credit determined under sec-10 |
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| 76 | 76 | | tion 45D, but only with respect to credits 11 |
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| 77 | 77 | | determined with respect to qualified equity 12 |
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| 78 | 78 | | investments (as defined in section 45D(b)) 13 |
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| 79 | 79 | | initially made after December 31, 2024,’’. 14 |
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| 80 | 80 | | (d) E |
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| 81 | 81 | | FFECTIVEDATES.— 15 |
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| 82 | 82 | | (1) I |
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| 83 | 83 | | N GENERAL.—Except as provided in para-16 |
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| 84 | 84 | | graph (2), the amendments made by this section 17 |
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| 85 | 85 | | shall apply to taxable years beginning after Decem-18 |
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| 86 | 86 | | ber 31, 2024. 19 |
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| 87 | 87 | | (2) A |
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| 88 | 88 | | LTERNATIVE MINIMUM TAX RELIEF .—The 20 |
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| 89 | 89 | | amendments made by subsection (c) shall apply to 21 |
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| 90 | 90 | | credits determined with respect to qualified equity 22 |
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| 91 | 91 | | investments (as defined in section 45D(b) of the In-23 |
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| 92 | 92 | | VerDate Sep 11 2014 17:30 Mar 08, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S479.IS S479 |
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| 93 | 93 | | ssavage on LAPJG3WLY3PROD with BILLS 4 |
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| 94 | 94 | | •S 479 IS |
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| 95 | 95 | | ternal Revenue Code of 1986) initially made after 1 |
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| 96 | 96 | | December 31, 2024. 2 |
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| 97 | 97 | | Æ |
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| 98 | 98 | | VerDate Sep 11 2014 17:30 Mar 08, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S479.IS S479 |
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| 99 | 99 | | ssavage on LAPJG3WLY3PROD with BILLS |
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