Text: S.1896 — 113th Congress (2013-2014)All Bill Information (Except Text)

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Introduced in Senate (01/07/2014)


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[Congressional Bills 113th Congress]
[From the U.S. Government Printing Office]
[S. 1896 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 1896

 To amend the Internal Revenue Code of 1986 to extend the new markets 
 tax credit and provide designated allocations for areas impacted by a 
                       decline in manufacturing.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 7, 2014

   Mr. Brown 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 extend the new markets 
 tax credit and provide designated allocations for areas impacted by a 
                       decline in manufacturing.

    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 ``Manufacturing Communities Investment 
Act''.

SEC. 2. EXTENSION OF NEW MARKETS TAX CREDIT WITH DESIGNATED ALLOCATIONS 
              FOR AREAS IMPACTED BY DECLINE IN MANUFACTURING.

    (a) Extension of Credit.--Section 45D(f)(1) of the Internal Revenue 
Code of 1986 is amended by striking the period at the end of 
subparagraph (G) and inserting ``, and'' and by adding at the end the 
following new subparagraph:
                    ``(H) $5,000,000,000 for 2014, 2015, and 2016.''.
    (b) Allocations Designated for Areas Impacted by Decline in 
Manufacturing.--Section 45D(f) of such Code is amended by adding at the 
end the following new paragraph:
            ``(4) Allocations for areas impacted by decline in 
        manufacturing.--The new markets tax credit limitation otherwise 
        determined under paragraph (1) for calendar years 2014, 2015, 
        and 2016 shall each be increased by $1,000,000,000. A qualified 
        community development entity shall be eligible for an 
        allocation under paragraph (2) of the increase described in the 
        preceding sentence only if a significant mission of such entity 
        is providing investments and services to persons in the trade 
        or business of manufacturing products in communities which have 
        suffered major manufacturing job losses or a major 
        manufacturing job loss event, as designated by the Secretary. 
        Paragraph (3) shall be applied separately with respect to the 
        increase provided under this paragraph.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to calendar years beginning after December 31, 2013.
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