I 
118TH CONGRESS 
1ST SESSION H. R. 2539 
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 6, 2023 
Ms. TENNEY (for herself, Mr. KELLY of Pennsylvania, Ms. SEWELL, Mr. 
DAVIS of Illinois, Mrs. MILLER of West Virginia, Mr. FERGUSON, Mr. 
FITZPATRICK, Mr. SCHWEIKERT, Mr. SMUCKER, Mr. WENSTRUP, Mr. 
LAHOOD, Mr. YAKYM, Mr. STEUBE, Mr. CAREY, Mr. BUCHANAN, Ms. 
VAN DUYNE, Mr. BLUMENAUER, Ms. SA´NCHEZ, Mr. HIGGINS of New 
York, Ms. DELBENE, Ms. CHU, Ms. MOORE of Wisconsin, Mr. KILDEE, 
Mr. BEYER, Mr. EVANS, and Mr. PANETTA) 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 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 2023’’. 
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SEC. 2. PERMANENT EXTENSION OF NEW MARKETS TAX 
CREDIT. 
(a) EXTENSION.— 
(1) IN GENERAL.—Subparagraph (H) of section 
45D(f)(1) of the Internal Revenue Code of 1986 is 
amended by striking ‘‘for each of calendar years 
2020 through 2025’’ and inserting ‘‘calendar year 
2020 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 2023, 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 
‘calendar year 2000’ for ‘calendar year 
2016’ in subparagraph (A)(ii) thereof. 
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‘‘(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.—Subpara-
graph (B) of section 38(c)(4) of the Internal Revenue 
Code of 1986 is amended— 
(1) by redesignating clauses (vii) through (xii) 
as clauses (viii) through (xiii), respectively, and 
(2) by inserting after clause (vi) the following 
new clause: 
‘‘(vii) 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 December 31, 2022,’’. 
(d) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall apply to taxable years beginning after Decem-
ber 31, 2022. 
(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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