Text: H.R.2628 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (05/21/2009)


111th CONGRESS
1st Session
H. R. 2628


To amend the Internal Revenue Code of 1986 to extend the new markets tax credit through 2013, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

May 21, 2009

Mr. Neal of Massachusetts (for himself and Mr. Tiberi) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to extend the new markets tax credit through 2013, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “New Markets Tax Credit Extension Act of 2009”.

SEC. 2. Extension of new markets tax credit.

(a) Extension.—

(1) IN GENERAL.—Subparagraph (D) of section 45D(f)(1) of the Internal Revenue Code of 1986 (relating to national limitation on amount of investments designated) is amended by striking “2009” and inserting “each of calendar years 2009 through 2013”.

(2) CONFORMING AMENDMENT.—Section 45D(f)(3) of such Code is amended by striking “2014” and inserting “2020”.

(b) Inflation adjustment.—Section 45D(f) of the Internal Revenue Code of 1986 is amended by inserting at the end the following new paragraph:

“(4) INFLATION ADJUSTMENT.—

“(A) IN GENERAL.—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—

“(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 2008’ for ‘calendar year 1992’ in subparagraph (B) thereof.

“(B) ROUNDING RULE.—If a dollar amount in paragraph (1)(D), 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.”.

(c) Alternative minimum tax relief.—Section 38(c)(4)(B) of such Code is amended by redesignating clauses (v) through (viii) as clauses (vi) through (ix), respectively, and by inserting after clause (iv) the following new clause:

“(v) 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 section 45D(b)(1)(C) pursuant to an allocation of the new markets tax credit limitation for calendar year 2009,”.

(d) Effective dates.—

(1) IN GENERAL.—The amendments made by this section shall take effect on the date of the enactment of this Act.

(2) SUBSECTION (c).—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.