II 

112TH CONGRESS 

1ST SESSION S. 996 

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

tax credit through 2016, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 12, 2011 

Mr. ROCKEFELLER (for himself, Ms. SNOWE, Mr. BINGAMAN, Mr. LEAHY, 

Mr. SCHUMER, Mr. KERRY, and Mr. BROWN of Massachusetts) 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 2016, 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 2011’’. 

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

7 (a) EXTENSION.— 


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•S 996 IS

1 (1) IN GENERAL.—Paragraph (1) of section 

2 45D(f) of the Internal Revenue Code of 1986 is 

3 amended— 

4 (A) by striking the period at the end of 

5 subparagraph (G) and inserting ‘‘, and’’, and 

6 (B) by adding at the end the following new 

7 subparagraph: 

8 ‘‘(H) $5,000,000,000 for 2012, 2013, 

9 2014, 2015, 2016.’’. 

10 (2) CONFORMING AMENDMENT.—Section 

11 45D(f)(3) of such Code is amended by striking 

12 ‘‘2016’’ and inserting ‘‘2021’’. 

13 (b) INFLATION ADJUSTMENT.—Subsection (f) of sec14 tion 45D of the Internal Revenue Code of 1986 is amend15 ed by adding at the end the following new paragraph: 

16 ‘‘(4) INFLATION ADJUSTMENT.— 

17 ‘‘(A) IN GENERAL.—In the case of any cal18 endar year beginning after 2012, the dollar 

19 amount in paragraph (1)(H) shall be increased 

20 by an amount equal to— 

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

22 ‘‘(ii) the cost-of-living adjustment de23 termined under section 1(f)(3) for the cal24 endar year, determined by substituting 


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•S 996 IS

1 ‘calendar year 2011’ for ‘calendar year 

2 1992’ in subparagraph (B) thereof. 

3 ‘‘(B) ROUNDING RULE.—If a dollar 

4 amount in paragraph (1)(G), as increased 

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

6 $1,000,000, such amount shall be rounded to 

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

8 (c) ALTERNATIVE MINIMUM TAX RELIEF.—Subpara9 graph (B) of section 38(c)(4) of the Internal Revenue 

10 Code of 1986 is amended— 

11 (1) by redesignating clauses (v) through (ix) as 

12 clauses (vi) through (x), respectively, and 

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

14 new clause: 

15 ‘‘(v) the credit determined under sec16 tion 45D, but only with respect to credits 

17 determined with respect to qualified equity 

18 investments (as defined in section 45D(b)) 

19 initially made before January 1, 2012,’’. 

20 (d) EFFECTIVE DATES.— 

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

22 this section shall take effect on the date of the en23 actment of this Act. 

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

25 by subsection (c) shall apply to credits determined 


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•S 996 IS

1 with respect to qualified equity investments (as de2 fined in section 45D(b) of the Internal Revenue 

3 Code of 1986) initially made after the date of the 

4 enactment of this Act. 

Æ 


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