Text: H.R.4365 — 113th Congress (2013-2014)All Information (Except Text)

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Introduced in House (04/02/2014)


113th CONGRESS
2d Session
H. R. 4365


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


IN THE HOUSE OF REPRESENTATIVES

April 2, 2014

Mr. Gerlach (for himself, Mr. Neal, Mr. Kelly of Pennsylvania, Mr. Blumenauer, Mr. Tiberi, Mr. Rangel, Mr. Reed, Mr. McDermott, and Mr. Lewis) 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 permanently extend the new markets tax credit, 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 2014”.

SEC. 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, and 2013” 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 2013, 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 2014,”.

(d) Effective dates.—

(1) 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.

(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.