Bill > S1133

This bill, titled the New Markets Tax Credit Extension Act of 2013, proposes to permanently extend the New Markets Tax Credit (NMTC), a tax incentive designed to encourage investment in businesses located in low-income communities. Specifically, it amends the Internal Revenue Code of 1986 to remove the expiration dates for the credit, meaning it will apply to investments made in all calendar years thereafter, and also removes a sentence that would have ended the program. The bill also includes provisions to adjust the credit amount for inflation annually, starting after 2013, rounding any increases to the nearest million dollars. Furthermore, it provides relief from the Alternative Minimum Tax (AMT) for certain NMTCs related to investments made before January 1, 2014, and for new investments made after the bill's enactment. The NMTC, or New Markets Tax Credit, is a federal tax credit that allows investors to receive a credit for a percentage of their investment in businesses or projects located in low-income communities, aiming to stimulate economic development and job creation in these areas.