I 

111TH CONGRESS 

1ST SESSION H. R. 2628 

To amend the Internal Revenue Code of 1986 to extend the new markets 

tax credit through 2013, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 21, 2009 

Mr. NEAL of Massachusetts (for himself and Mr. TIBERI) 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 extend 

the new markets tax credit through 2013, 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 2009’’. 

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

7 (a) EXTENSION.— 

8 (1) IN GENERAL.—Subparagraph (D) of section 

9 45D(f)(1) of the Internal Revenue Code of 1986 (re10 lating to national limitation on amount of investVerDate Nov 24 2008 22:02 May 24, 2009 Jkt 079200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2628.IH H2628

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1 ments designated) is amended by striking ‘‘2009’’ 

2 and inserting ‘‘each of calendar years 2009 through 

3 2013’’. 

4 (2) CONFORMING AMENDMENT.—Section 

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

6 ‘‘2014’’ and inserting ‘‘2020’’. 

7 (b) INFLATION ADJUSTMENT.—Section 45D(f) of the 

8 Internal Revenue Code of 1986 is amended by inserting 

9 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 2009, the dollar 

13 amount in paragraph (1)(f) 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 2008’ for ‘calendar year 

20 1992’ in subparagraph (B) thereof. 

21 ‘‘(B) ROUNDING RULE.—If a dollar 

22 amount in paragraph (1)(D), as increased 

23 under subparagraph (A), is not a multiple of 

24 $1,000,000, such amount shall be rounded to 

25 the nearest multiple of $1,000,000.’’. 


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1 (c) ALTERNATIVE MINIMUM TAX RELIEF.—Section 

2 38(c)(4)(B) of such Code is amended by redesignating 

3 clauses (v) through (viii) as clauses (vi) through (ix), re4 spectively, and by inserting after clause (iv) the following 

5 new clause: 

6 ‘‘(v) the credit determined under sec7 tion 45D to the extent that such credit is 

8 attributable to a qualified equity invest9 ment which is designated as such under 

10 section 45D(b)(1)(C) pursuant to an allo11 cation of the new markets tax credit limi12 tation for calendar year 2009,’’. 

13 (d) EFFECTIVE DATES.— 

14 (1) IN GENERAL.—The amendments made by 

15 this section shall take effect on the date of the en16 actment of this Act. 

17 (2) SUBSECTION (c).—The amendments made 

18 by subsection (c) shall apply to credits determined 

19 under section 45D of the Internal Revenue Code of 

20 1986 in taxable years ending after the date of the 

21 enactment of this Act and to carrybacks of such 

22 credits. 

Æ 


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