[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1800 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 1800

 To amend the Internal Revenue Code of 1986 to extend the new markets 
                              tax credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 29, 2005

 Ms. Snowe (for herself, Mr. Rockefeller, and Mr. Bunning) introduced 
the following bill; which was read twice and referred to the Committee 
                               on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend the new markets 
                              tax credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``New Markets Tax Credit 
Reauthorization Act of 2005''.

SEC. 2. EXTENSION OF NEW MARKETS TAX CREDIT.

    (a) Extension.--
            (1) In general.--Paragraph (1) of section 45D(f) of the 
        Internal Revenue Code of 1986 (relating to new markets tax 
        credit) is amended to read as follows:
            ``(1) In general.--There is a new markets tax credit 
        limitation of $3,500,000,000 for each of calendar years 2008 
        through 2012.''.
            (2) Conforming amendment.--Paragraph (3) of section 45D(f) 
        of such Code is amended by striking ``2014'' and inserting 
        ``2019''.
    (b) Inflation Adjustment.--Subsection (f) of section 45D of such 
Code is amended by inserting at the end the following new paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any calendar year 
                beginning after 2008, the dollar amount in paragraph 
                (1) shall be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year, determined by substituting 
                        `calendar year 2007' for `calendar year 1992' 
                        in subparagraph (B) thereof.
                    ``(B) Rounding rule.--If a dollar amount in 
                paragraph (1), as increased under subparagraph (A), is 
                not a multiple of $1,000,000, such amount shall be 
                rounded to the nearest multiple of $1,000,000.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.
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