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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 591 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 591

 To amend the Internal Revenue Code of 1986 to permanently extend the 
            new markets tax credit, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           February 26, 2015

   Mr. Blunt (for himself, Mr. Schumer, Mr. Daines, and Mr. Cardin) 
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 permanently extend the 
            new markets tax credit, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``New Markets Tax Credit Extension Act 
of 2015''.

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

    (a) Extension.--
            (1) In general.--Subparagraph (G) of section 45D(f)(1) of 
        the Internal Revenue Code of 1986 is amended by striking ``, 
        2011, 2012, 2013, and 2014'' and inserting ``and each calendar 
        year thereafter''.
            (2) Conforming amendment.--Section 45D(f)(3) of such Code 
        is amended by striking the last sentence.
    (b) Inflation Adjustment.--Subsection (f) of section 45D of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any calendar year 
                beginning after 2014, the dollar amount in paragraph 
                (1)(G) shall be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year, determined by substituting 
                        `calendar year 2000' for `calendar year 1992' 
                        in subparagraph (B) thereof.
                    ``(B) Rounding rule.--Any increase under 
                subparagraph (A) which is not a multiple of $1,000,000 
                shall be rounded to the nearest multiple of 
                $1,000,000.''.
    (c) Alternative Minimum Tax Relief.--Subparagraph (B) of section 
38(c)(4) of the Internal Revenue Code of 1986 is amended--
            (1) by redesignating clauses (v) through (ix) as clauses 
        (vi) through (x), respectively, and
            (2) by inserting after clause (iv) the following new 
        clause:
                            ``(v) the credit determined under section 
                        45D, but only with respect to credits 
                        determined with respect to qualified equity 
                        investments (as defined in section 45D(b)) 
                        initially made after the date of the enactment 
                        of the New Markets Tax Credit Extension Act of 
                        2015,''.
    (d) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to calendar years 
        beginning after December 31, 2014.
            (2) Alternative minimum tax relief.--The amendments made by 
        subsection (c) shall apply to credits determined with respect 
        to qualified equity investments (as defined in section 45D(b) 
        of the Internal Revenue Code of 1986) initially made after the 
        date of the enactment of this Act.
                                 <all>
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