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. BLU-
MENAUER, Mr. TIBERI, Mr. RANGEL, Mr. REED, Mr. MCDERMOTT, and 
Mr. LEWIS) introduced the following bill; which was referred to the Com-
mittee 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. 
Be it enacted by the Senate and House of Representa-
tives 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 2014’’. 
SEC. 2. PERMANENT EXTENSION OF NEW MARKETS TAX 
CREDIT. 
(a) EXTENSION.— 
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(1) IN GENERAL.—Subparagraph (G) of section 
45D(f)(1) of the Internal Revenue Code of 1986 is 
amended by striking ‘‘, 2011, 2012, and 2013’’ 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 sec-
tion 45D of the Internal Revenue Code of 1986 is amend-
ed by adding at the end the following new paragraph: 
‘‘(4) INFLATION ADJUSTMENT.— 
‘‘(A) IN GENERAL.—In the case of any cal-
endar year beginning after 2013, 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 de-
termined under section 1(f)(3) for the cal-
endar 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.’’. 
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(c) ALTERNATIVE MINIMUM TAX RELIEF.—Subpara-
graph (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 sec-
tion 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 enact-
ment of the New Markets Tax Credit Ex-
tension Act of 2014,’’. 
(d) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall take effect on the date of the enactment of this 
Act. 
(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 In-
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