summary
Introduced
02/06/2025
02/06/2025
In Committee
02/06/2025
02/06/2025
Crossed Over
Passed
Dead
Introduced Session
119th 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 federal tax incentive designed to encourage private investments in low-income communities. Specifically, the bill removes the previous expiration date of 2025 for the tax credit, making it available for calendar year 2020 and each subsequent calendar year. The bill also introduces an inflation adjustment mechanism that will increase the dollar amount of the tax credit annually based on the cost of living, starting after 2025, with any increases rounded to the nearest million dollars. Additionally, the bill provides alternative minimum tax relief by allowing the NMTC to be claimed against the alternative minimum tax for qualified equity investments made after December 31, 2024. The changes will apply to taxable years beginning after December 31, 2024, with the alternative minimum tax provisions specifically applying to investments made after that date. The purpose of the NMTC is to stimulate economic development and create jobs in economically distressed communities by providing tax incentives for investments in these areas.
Committee Categories
Budget and Finance
Sponsors (53)
Claudia Tenney (R)*,
Don Bacon (R),
Jack Bergman (R),
Don Beyer (D),
Sanford Bishop (D),
Shontel Brown (D),
Vern Buchanan (R),
Mike Carey (R),
Judy Chu (D),
Herbert Conaway (D),
Jason Crow (D),
Danny Davis (D),
Don Davis (D),
Suzan DelBene (D),
Mario Diaz-Balart (R),
Randy Feenstra (R),
Brad Finstad (R),
Michelle Fischbach (R),
Brian Fitzpatrick (R),
Dan Goldman (D),
Jimmy Gomez (D),
Lance Gooden (R),
Maggie Goodlander (D),
Chrissy Houlahan (D),
Mike Kelly (R),
David Kustoff (R),
Darin LaHood (R),
John Larson (D),
Tracey Mann (R),
Betty McCollum (D),
Carol Miller (R),
Max Miller (R),
Gwen Moore (D),
Nathaniel Moran (R),
Joe Morelle (D),
Frank Mrvan (D),
Joe Neguse (D),
Ilhan Omar (D),
Jimmy Panetta (D),
Chris Pappas (D),
Chellie Pingree (D),
Hal Rogers (R),
Linda Sánchez (D),
Terri Sewell (D),
Lloyd Smucker (R),
Elise Stefanik (R),
Greg Steube (R),
Emilia Sykes (D),
Mike Turner (R),
Beth Van Duyne (R),
Derrick Van Orden (R),
Eugene Vindman (D),
Rudy Yakym (R),
Last Action
Referred to the House Committee on Ways and Means. (on 02/06/2025)
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/119th-congress/house-bill/1103/all-info |
| BillText | https://www.congress.gov/119/bills/hr1103/BILLS-119hr1103ih.pdf |
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