summary
Introduced
04/02/2014
04/02/2014
In Committee
04/02/2014
04/02/2014
Crossed Over
Passed
Dead
01/03/2015
01/03/2015
Introduced Session
113th Congress
Bill Summary
New Markets Tax Credit Extension Act of 2014
AI Summary
This bill, the New Markets Tax Credit Extension Act of 2014, aims 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 NMTC, which were previously set for 2011, 2012, and 2013, and instead allows it to continue for each calendar year thereafter. The bill also introduces an inflation adjustment for the NMTC amount, ensuring its value keeps pace with rising costs for years after 2013, with any adjustments rounded to the nearest million dollars. Furthermore, it provides relief from the Alternative Minimum Tax (AMT) for certain NMTCs, specifically those related to "qualified equity investments" (investments made in businesses that qualify for the NMTC) that are initially made after the bill becomes law, meaning these specific credits will not be subject to AMT calculations.
Committee Categories
Budget and Finance
Sponsors (81)
Jim Gerlach (R)*,
Joyce Beatty (D),
Sanford Bishop (D),
Earl Blumenauer (D),
Charles Boustany (R),
Susan Brooks (R),
Corrine Brown (D),
Vern Buchanan (R),
G. Butterfield (D),
Michael Capuano (D),
André Carson (D),
Matt Cartwright (D),
Kathy Castor (D),
Steve Chabot (R),
David Cicilline (D),
Tom Cole (R),
Ander Crenshaw (R),
Elijah Cummings (D),
Steve Daines (R),
Danny Davis (D),
Mario Diaz-Balart (R),
Keith Ellison (D),
William Enyart (D),
Chaka Fattah (D),
Lois Frankel (D),
Marcia Fudge (D),
Christopher Gibson (R),
Richard Hanna (R),
Alcee Hastings (D),
Brian Higgins (D),
Hakeem Jeffries (D),
Bill Johnson (R),
Dave Joyce (R),
Marcy Kaptur (D),
Mike Kelly (R),
Derek Kilmer (D),
Ron Kind (D),
Ann Kuster (D),
James Langevin (D),
John Larson (D),
Tom Latham (R),
Barbara Lee (D),
John Lewis (D),
Sean Maloney (D),
Tom Marino (R),
Betty McCollum (D),
Jim McDermott (D),
Jim McGovern (D),
Jerry McNerney (D),
Michael Michaud (D),
Gwen Moore (D),
Patrick Murphy (D),
Grace Napolitano (D),
Richard Neal (D),
Richard Nolan (D),
Eleanor Holmes Norton (D),
Bill Pascrell (D),
Ed Pastor (D),
Erik Paulsen (R),
Gary Peters (D),
Collin Peterson (D),
Thomas Petri (R),
Chellie Pingree (D),
Jared Polis (D),
Charles Rangel (D),
Tom Reed (R),
James Renacci (R),
Cedric Richmond (D),
Lucille Roybal-Allard (D),
Tim Ryan (D),
Aaron Schock (R),
Allyson Schwartz (D),
Carol Shea-Porter (D),
Kyrsten Sinema (I),
Steve Stivers (R),
Mike Thompson (D),
Patrick Tiberi (R),
Mike Turner (R),
Fred Upton (R),
Juan Vargas (D),
Don Young (R),
Last Action
Referred to the House Committee on Ways and Means. (on 04/02/2014)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/113th-congress/house-bill/4365/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-113hr4365ih/pdf/BILLS-113hr4365ih.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-113hr4365ih/pdf/BILLS-113hr4365ih.pdf.pdf |
Loading...