S. 591 — Introduced in Senate

II 114th CONGRESS 1st Session S. 591 IN THE SENATE OF THE UNITED STATES February 26, 2015Mr. Blunt (for himself, Mr. Schumer, Mr. Daines, and Mr. Cardin) 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. 1. Short title This Act may be cited as the New Markets Tax Credit Extension Act of 2015. 2. Permanent extension of new markets tax credit (a) Extension (1) In general Subparagraph (G) of section 45D(f)(1) of the Internal Revenue Code of 1986 is amended by striking , 2011, 2012, 2013, and 2014 and inserting and each calendar year thereafter. (2) Conforming amendment Section 45D(f)(3) of such Code is amended by striking the last sentence. (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 2014, the dollar amount in paragraph (1)(G) 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 2000 for calendar year 1992 in subparagraph (B) thereof. (B) 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. . (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 (ix) as clauses (vi) through (x), respectively, and (2) by inserting after clause (iv) the following new clause: (v) 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 after the date of the enactment of the New Markets Tax Credit Extension Act of 2015, . (d) Effective dates (1) In general Except as provided in paragraph (2), the amendments made by this section shall apply to calendar years beginning after December 31, 2014. (2) 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.