Sec. 90201. Improvement and permanent extension of new markets tax credit
367 words·~2 min read·
/bill/116/hr/2/eh/section-90201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 45D(f)(1) is amended by striking subparagraphs
(G)and
(H)and inserting the following new subparagraphs: $3,500,000,000 for each of calendar years 2010 through 2018, $4,000,000,000 for calendar year 2019, $7,000,000,000 for calendar year 2020, $6,000,000,000 for calendar year 2021, and $5,000,000,000 for calendar year 2022 and each calendar year thereafter. . Section 45D(f) is amended by adding at the end the following new paragraph: In the case of any calendar year beginning after 2022, the dollar amount in paragraph (1)(I) shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting calendar year 2021 for calendar year 2016 in subparagraph (A)(ii) thereof. 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. . Section 45D(f)(3) is amended by striking the last sentence. Subparagraph
(B)of section 38(c)(4) is amended— by redesignating clauses
(v)through
(xii)as clauses
(vi)through (xiii), respectively, and by inserting after clause
(iv)the following new clause: the credit determined under section 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, 2020, . Except as otherwise provided in this subsection, the amendments made by this section shall apply to new markets tax credit limitation determined for calendar years after 2020. The amendments made by subsection
(b)shall apply to credits determined with respect to qualified equity investments (as defined in section 45D(b) of the Internal Revenue Code of 1986) initially made after December 31, 2020. The amount of the increase in the new market tax credit limitation for calendar year 2019 by reason of the amendments made by subsection
(a)shall be allocated in accordance with section 45D(f)(2) of the Internal Revenue Code of 1986 to qualified community development entities (as defined in section 45D(c) of such Code) which— submitted an allocation application with respect to calendar year 2019, and either— did not receive an allocation for such calendar year, or received an allocation for such calendar year in an amount less than the amount requested in the allocation application.