I 

116TH CONGRESS 

1ST SESSION H. R. 1680 

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 

MARCH 12, 2019 

Ms. SEWELL of Alabama (for herself, Mr. REED, Mr. PASCRELL, Ms. 

DELBENE, Mr. KILDEE, Mr. BLUMENAUER, Ms. MOORE, Mr. HIGGINS

of New York, Mr. LARSON of Connecticut, Mr. DANNY K. DAVIS of Illinois, Mr. KIND, Ms. SA ́NCHEZ, Mrs. WALORSKI, Mr. KELLY of Pennsylvania, Mr. SMITH of Missouri, Mr. LAHOOD, and Mr. WENSTRUP) 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. 

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 2019’’. 

6 SEC. 2. PERMANENT EXTENSION OF NEW MARKETS TAX 

7 CREDIT. 

8 (a) EXTENSION.— 


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1 (1) IN GENERAL.—Subparagraph (G) of section 

2 45D(f)(1) of the Internal Revenue Code of 1986 is 

3 amended by striking ‘‘for each of calendar years 

4 2010 through 2019’’ and inserting ‘‘for calendar 

5 year 2010 and each calendar year thereafter’’. 

6 (2) CONFORMING AMENDMENT.—Section 

7 45D(f)(3) of such Code is amended by striking the 

8 last sentence. 

9 (b) INFLATION ADJUSTMENT.—Subsection (f) of sec10 tion 45D of the Internal Revenue Code of 1986 is amend11 ed by adding at the end the following new paragraph: 

12 ‘‘(4) INFLATION ADJUSTMENT.— 

13 ‘‘(A) IN GENERAL.—In the case of any cal14 endar year beginning after 2018, the dollar 

15 amount in paragraph (1)(G) shall be increased 

16 by an amount equal to— 

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

18 ‘‘(ii) the cost-of-living adjustment de19 termined under section 1(f)(3) for the cal20 endar year, determined by substituting 

21 ‘calendar year 2000’ for ‘calendar year 

22 2016’ in subparagraph (A)(ii) thereof. 

23 ‘‘(B) ROUNDING RULE.—Any increase 

24 under subparagraph (A) which is not a multiple 


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1 of $1,000,000 shall be rounded to the nearest 

2 multiple of $1,000,000.’’. 

3 (c) ALTERNATIVE MINIMUM TAX RELIEF.—Subpara4 graph (B) of section 38(c)(4) of the Internal Revenue 

5 Code of 1986 is amended— 

6 (1) by redesignating clauses (v) through (xii) as 

7 clauses (vi) through (xiii), respectively, and 

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

9 new clause: 

10 ‘‘(v) the credit determined under sec11 tion 45D, but only with respect to credits 

12 determined with respect to qualified equity 

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

14 initially made after December 31, 2018,’’. 

15 (d) EFFECTIVE DATES.— 

16 (1) IN GENERAL.—Except as provided in para17 graph (2), the amendments made by this section 

18 shall apply to taxable years beginning after Decem19 ber 31, 2018. 

20 (2) ALTERNATIVE MINIMUM TAX RELIEF.—The 

21 amendments made by subsection (c) shall apply to 

22 credits determined with respect to qualified equity 

23 investments (as defined in section 45D(b) of the InVerDate Sep 11 2014 21:33 Mar 25, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1680.IH H1680

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1 ternal Revenue Code of 1986) initially made after 

2 December 31, 2018. 

Æ 


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