summary
Introduced
02/02/2023
02/02/2023
In Committee
02/02/2023
02/02/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to permanently extend the new markets tax credit, and for other purposes.
AI Summary
This bill permanently extends the New Markets Tax Credit (NMTC), a tax credit that incentivizes investments in low-income communities. The bill also includes an inflation adjustment to the credit amount and alternative minimum tax relief for NMTC investments made after December 31, 2022. The NMTC is a federal tax credit that has encouraged private sector investment in businesses and real estate projects in low-income communities since its creation in 2000. This bill aims to make the NMTC a permanent part of the tax code, providing long-term certainty for this community development tool.
Committee Categories
Budget and Finance
Sponsors (23)
Ben Cardin (D)*,
Marsha Blackburn (R),
John Boozman (R),
Sherrod Brown (D),
Maria Cantwell (D),
Bob Casey (D),
Bill Cassidy (R),
Steve Daines (R),
Deb Fischer (R),
Lindsey Graham (R),
Cindy Hyde-Smith (R),
Mark Kelly (D),
Amy Klobuchar (D),
Bob Menendez (D),
Jerry Moran (R),
Pete Ricketts (R),
Chuck Schumer (D),
Tim Scott (R),
Jeanne Shaheen (D),
Kyrsten Sinema (I),
Mark Warner (D),
Peter Welch (D),
Roger Wicker (R),
Last Action
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. (on 04/16/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/234/all-info |
| BillText | https://www.congress.gov/118/bills/s234/BILLS-118s234is.pdf |
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