I 

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. 

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 2014’’. 

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 ‘‘, 2011, 2012, and 2013’’ and 

4 inserting ‘‘and each calendar year thereafter’’. 

5 (2) CONFORMING AMENDMENT.—Section 

6 45D(f)(3) of such Code is amended by striking the 

7 last sentence. 

8 (b) INFLATION ADJUSTMENT.—Subsection (f) of sec9 tion 45D of the Internal Revenue Code of 1986 is amend10 ed by adding at the end the following new paragraph: 

11 ‘‘(4) INFLATION ADJUSTMENT.— 

12 ‘‘(A) IN GENERAL.—In the case of any cal13 endar year beginning after 2013, the dollar 

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

15 by an amount equal to— 

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

17 ‘‘(ii) the cost-of-living adjustment de18 termined under section 1(f)(3) for the cal19 endar year, determined by substituting 

20 ‘calendar year 2000’ for ‘calendar year 

21 1992’ in subparagraph (B) thereof. 

22 ‘‘(B) ROUNDING RULE.—Any increase 

23 under subparagraph (A) which is not a multiple 

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

25 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 (ix) as 

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

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

7 new clause: 

8 ‘‘(v) the credit determined under sec9 tion 45D, but only with respect to credits 

10 determined with respect to qualified equity 

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

12 initially made after the date of the enact13 ment of the New Markets Tax Credit Ex14 tension Act of 2014,’’. 

15 (d) EFFECTIVE DATES.— 

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

18 shall take effect on the date of the enactment of this 

19 Act. 

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 Mar 15 2010 02:26 Apr 03, 2014 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H4365.IH H4365

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1 ternal Revenue Code of 1986) initially made after 

2 the date of the enactment of this Act. 

Æ 


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