I 
112TH CONGRESS 
1ST SESSION H. R. 2655 
To amend the Internal Revenue Code of 1986 to extend the new markets 
tax credit through 2016, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 26, 2011 
Mr. GERLACH (for himself, Mr. NEAL, Mr. TIBERI, Mr. RANGEL, Mr. 
MCDERMOTT, Mr. LEWIS of Georgia, and Mr. BLUMENAUER) 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 2016, 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 2011’’. 
SEC. 2. EXTENSION OF NEW MARKETS TAX CREDIT. 
(a) EXTENSION.— 
VerDate Mar 15 2010 
21:16 Jul 27, 2011
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2655.IH
H2655
srobinson on DSK4SPTVN1PROD with BILLS
(1) IN
GENERAL.—Paragraph (1) of section 
45D(f) of the Internal Revenue Code of 1986 is 
amended— 
(A) by striking the period at the end of 
subparagraph (G) and inserting ‘‘, and’’, and 
(B) by adding at the end the following new 
subparagraph: 
‘‘(H) $5,000,000,000 for 2012, 2013, 
2014, 2015, 2016.’’. 
(2) 
CONFORMING
AMENDMENT.—Section 
45D(f)(3) of such Code is amended by striking 
‘‘2016’’ and inserting ‘‘2021’’. 
(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 2012, the dollar 
amount in paragraph (1)(H) 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 
VerDate Mar 15 2010 
21:16 Jul 27, 2011
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2655.IH
H2655
srobinson on DSK4SPTVN1PROD with BILLS
‘calendar year 2011’ for ‘calendar year 
1992’ in subparagraph (B) thereof. 
‘‘(B) 
ROUNDING
RULE.—If 
a 
dollar 
amount in paragraph (1)(G), as increased 
under subparagraph (A), is not a multiple of 
$1,000,000, such amount shall be rounded to 
the nearest multiple of $1,000,000.’’. 
(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 before January 1, 2017,’’. 
(d) EFFECTIVE DATES.— 
(1) IN GENERAL.—The amendments made by 
this section shall take effect on the date of the en-
actment of this Act. 
(2) SUBSECTION (c).—The amendments made 
by subsection (c) shall apply to credits determined 
VerDate Mar 15 2010 
21:16 Jul 27, 2011
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H2655.IH
H2655
srobinson on DSK4SPTVN1PROD with BILLS