Sec. 135201. Permanent extension of new markets tax credit
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/bill/117/hr/5376/rh/section-135201·A 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 and at the end of subparagraph
(G)and by striking subparagraph
(H)and inserting the following new subparagraphs: $5,000,000,000 for each of calendar years 2020 and 2021, $7,000,000,000 for calendar year 2022, $6,000,000,000 for calendar year 2023, and $5,000,000,000 for calendar year 2024 and each calendar year thereafter. . Section 38(c)(4)(B) 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, 2021, . Section 45D(f) is amended by adding at the end the following new paragraph: In the case of any calendar year beginning after 2024, the dollar amount paragraph (1)(H) 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 2023 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. 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 2021. 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, 2021.