II 

111TH CONGRESS 

1ST SESSION S. 1583 

To amend the Internal Revenue Code of 1986 to extend the new markets 

tax credit through 2014, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 5, 2009 

Mr. ROCKEFELLER (for himself and Ms. SNOWE) 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 through 2014, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘New Markets Tax 

5 Credit Extension Act of 2009’’. 

6 SEC. 2. EXTENSION OF NEW MARKETS TAX CREDIT. 

7 (a) EXTENSION.— 

8 (1) IN GENERAL.—Subparagraph (F) of section 

9 45D(f)(1) of the Internal Revenue Code of 1986 is 


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1 amended by striking ‘‘2009’’ and inserting ‘‘each of 

2 2009 through 2014’’. 

3 (2) CONFORMING AMENDMENT.—Section 

4 45D(f)(3) of such Code is amended by striking 

5 ‘‘2014’’ and inserting ‘‘2021’’. 

6 (b) INFLATION ADJUSTMENT.—Subsection (f) of sec7 tion 45D of the Internal Revenue Code of 1986 is amend8 ed by adding at the end the following new paragraph: 

9 ‘‘(4) INFLATION ADJUSTMENT.— 

10 ‘‘(A) IN GENERAL.—In the case of any cal11 endar year beginning after 2009, the dollar 

12 amount in paragraph (1)(F) shall be increased 

13 by an amount equal to— 

14 ‘‘(i) such dollar amount, multiplied by 

15 ‘‘(ii) the cost-of-living adjustment de16 termined under section 1(f)(3) for the cal17 endar year, determined by substituting 

18 ‘calendar year 2008’ for ‘calendar year 

19 1992’ in subparagraph (B) thereof. 

20 ‘‘(B) ROUNDING RULE.—If a dollar 

21 amount in paragraph (1)(F), as increased 

22 under subparagraph (A), is not a multiple of 

23 $1,000,000, such amount shall be rounded to 

24 the nearest multiple of $1,000,000.’’. 


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1 (c) ALTERNATIVE MINIMUM TAX RELIEF.—Subpara2 graph (B) of section 38(c)(4) of the Internal Revenue 

3 Code of 1986 is amended— 

4 (1) by redesignating clauses (v) through (viii) 

5 as clauses (vi) through (ix), respectively, and 

6 (2) by inserting after clause (iv) the following 

7 new clause: 

8 ‘‘(v) the credit determined under sec9 tion 45D to the extent that such credit is 

10 attributable to a qualified equity invest11 ment which is designated as such under 

12 subsection (b)(1)(C) of such section pursu13 ant to an allocation of the new markets tax 

14 credit limitation for calendar years 2009 

15 through 2014,’’. 

16 (d) EFFECTIVE DATES.— 

17 (1) IN GENERAL.—The amendments made by 

18 this section shall take effect on the date of the en19 actment of this Act. 

20 (2) SUBSECTION (c).—The amendments made 

21 by subsection (c) shall apply to credits determined 

22 under section 45D of the Internal Revenue Code of 

23 1986 in taxable years ending after the date of the 


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1 enactment of this Act and to carrybacks of such 

2 credits. 

Æ 


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