I 

118TH CONGRESS 

1ST SESSION H. R. 2539 

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 6, 2023 

Ms. TENNEY (for herself, Mr. KELLY of Pennsylvania, Ms. SEWELL, Mr. 

DAVIS of Illinois, Mrs. MILLER of West Virginia, Mr. FERGUSON, Mr. 

FITZPATRICK, Mr. SCHWEIKERT, Mr. SMUCKER, Mr. WENSTRUP, Mr. 

LAHOOD, Mr. YAKYM, Mr. STEUBE, Mr. CAREY, Mr. BUCHANAN, Ms. 

VAN DUYNE, Mr. BLUMENAUER, Ms. SA ́NCHEZ, Mr. HIGGINS of New 

York, Ms. DELBENE, Ms. CHU, Ms. MOORE of Wisconsin, Mr. KILDEE, 

Mr. BEYER, Mr. EVANS, and Mr. PANETTA) 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 2023’’. 


kjohnson on DSK79L0C42PROD with BILLS
2 

•HR 2539 IH

1 SEC. 2. PERMANENT EXTENSION OF NEW MARKETS TAX 

2 CREDIT. 

3 (a) EXTENSION.— 

4 (1) IN GENERAL.—Subparagraph (H) of section 

5 45D(f)(1) of the Internal Revenue Code of 1986 is 

6 amended by striking ‘‘for each of calendar years 

7 2020 through 2025’’ and inserting ‘‘calendar year 

8 2020 and each calendar year thereafter’’. 

9 (2) CONFORMING AMENDMENT.—Section 

10 45D(f)(3) of such Code is amended by striking the 

11 last sentence. 

12 (b) INFLATION ADJUSTMENT.—Subsection (f) of sec13 tion 45D of the Internal Revenue Code of 1986 is amend14 ed by adding at the end the following new paragraph: 

15 ‘‘(4) INFLATION ADJUSTMENT.— 

16 ‘‘(A) IN GENERAL.—In the case of any cal17 endar year beginning after 2023, the dollar 

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

19 by an amount equal to— 

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

21 ‘‘(ii) the cost-of-living adjustment de22 termined under section 1(f)(3) for the cal23 endar year, determined by substituting 

24 ‘calendar year 2000’ for ‘calendar year 

25 2016’ in subparagraph (A)(ii) thereof. 


kjohnson on DSK79L0C42PROD with BILLS
3 

•HR 2539 IH

1 ‘‘(B) ROUNDING RULE.—Any increase 

2 under subparagraph (A) which is not a multiple 

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

4 multiple of $1,000,000.’’. 

5 (c) ALTERNATIVE MINIMUM TAX RELIEF.—Subpara6 graph (B) of section 38(c)(4) of the Internal Revenue 

7 Code of 1986 is amended— 

8 (1) by redesignating clauses (vii) through (xii) 

9 as clauses (viii) through (xiii), respectively, and 

10 (2) by inserting after clause (vi) the following 

11 new clause: 

12 ‘‘(vii) the credit determined under sec13 tion 45D, but only with respect to credits 

14 determined with respect to qualified equity 

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

16 initially made after December 31, 2022,’’. 

17 (d) EFFECTIVE DATES.— 

18 (1) IN GENERAL.—Except as provided in para19 graph (2), the amendments made by this section 

20 shall apply to taxable years beginning after Decem21 ber 31, 2022. 

22 (2) ALTERNATIVE MINIMUM TAX RELIEF.—The 

23 amendments made by subsection (c) shall apply to 

24 credits determined with respect to qualified equity 

25 investments (as defined in section 45D(b) of the InVerDate Sep 11 2014 21:06 Apr 14, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2539.IH H2539

kjohnson on DSK79L0C42PROD with BILLS
4 

•HR 2539 IH

1 ternal Revenue Code of 1986) initially made after 

2 December 31, 2022. 

Æ 


kjohnson on DSK79L0C42PROD with BILLS