[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1239 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1239

 To amend the Internal Revenue Code of 1986 to extend the new markets 
            tax credit through 2013, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 26, 2007

 Mr. Rockefeller (for himself, Ms. Snowe, Mr. Schumer, Mr. Kerry, Mr. 
Bingaman, Ms. Stabenow, Mr. Smith, Mr. Brown, and Mrs. Dole) 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 through 2013, and for other purposes.

    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 Extension Act 
of 2007''.

SEC. 2. EXTENSION OF NEW MARKETS TAX CREDIT.

    (a) Extension.--
            (1) In general.--Subparagraph (D) of section 45D(f)(1) of 
        the Internal Revenue Code of 1986 (relating to national 
        limitation on amount of investments designated) is amended by 
        striking ``2006, 2007, and 2008'' and inserting ``each of 
        calendar years 2006 through 2013''.
            (2) Conforming amendment.--Section 45D(f)(3) of such Code 
        is amended by striking ``2014'' and inserting ``2020''.
    (b) Inflation Adjustment.--Section 45D(f) of the Internal Revenue 
Code of 1986 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)(D) 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)(D), 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 take 
effect on the date of the enactment of this Act.
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