II 

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. 

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 2015’’. 

6 SEC. 2. PERMANENT EXTENSION OF NEW MARKETS TAX 

7 CREDIT. 

8 (a) EXTENSION.— 

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

10 45D(f)(1) of the Internal Revenue Code of 1986 is 


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1 amended by striking ‘‘, 2011, 2012, 2013, and 

2 2014’’ and inserting ‘‘and each calendar year there3 after’’. 

4 (2) CONFORMING AMENDMENT.—Section 

5 45D(f)(3) of such Code is amended by striking the 

6 last sentence. 

7 (b) INFLATION ADJUSTMENT.—Subsection (f) of sec8 tion 45D of the Internal Revenue Code of 1986 is amend9 ed by adding at the end the following new paragraph: 

10 ‘‘(4) INFLATION ADJUSTMENT.— 

11 ‘‘(A) IN GENERAL.—In the case of any cal12 endar year beginning after 2014, the dollar 

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

14 by an amount equal to— 

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

16 ‘‘(ii) the cost-of-living adjustment de17 termined under section 1(f)(3) for the cal18 endar year, determined by substituting 

19 ‘calendar year 2000’ for ‘calendar year 

20 1992’ in subparagraph (B) thereof. 

21 ‘‘(B) ROUNDING RULE.—Any increase 

22 under subparagraph (A) which is not a multiple 

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

24 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 2015,’’. 

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 calendar years beginning after Decem19 ber 31, 2014. 

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 01:58 Mar 06, 2015 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S591.IS S591

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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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