[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1583 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1583

 To amend the Internal Revenue Code of 1986 to extend the new markets 
            tax credit through 2014, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             August 5, 2009

 Mr. Rockefeller (for himself and Ms. Snowe) 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 2014, 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 2009''.

SEC. 2. EXTENSION OF NEW MARKETS TAX CREDIT.

    (a) Extension.--
            (1) In general.--Subparagraph (F) of section 45D(f)(1) of 
        the Internal Revenue Code of 1986 is amended by striking 
        ``2009'' and inserting ``each of 2009 through 2014''.
            (2) Conforming amendment.--Section 45D(f)(3) of such Code 
        is amended by striking ``2014'' and inserting ``2021''.
    (b) Inflation Adjustment.--Subsection (f) of section 45D of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any calendar year 
                beginning after 2009, the dollar amount in paragraph 
                (1)(F) 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 2008' for `calendar year 1992' 
                        in subparagraph (B) thereof.
                    ``(B) Rounding rule.--If a dollar amount in 
                paragraph (1)(F), 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) Alternative Minimum Tax Relief.--Subparagraph (B) of section 
38(c)(4) of the Internal Revenue Code of 1986 is amended--
            (1) by redesignating clauses (v) through (viii) as clauses 
        (vi) through (ix), respectively, and
            (2) by inserting after clause (iv) the following new 
        clause:
                            ``(v) the credit determined under section 
                        45D to the extent that such credit is 
                        attributable to a qualified equity investment 
                        which is designated as such under subsection 
                        (b)(1)(C) of such section pursuant to an 
                        allocation of the new markets tax credit 
                        limitation for calendar years 2009 through 
                        2014,''.
    (d) Effective Dates.--
            (1) In general.--The amendments made by this section shall 
        take effect on the date of the enactment of this Act.
            (2) Subsection (c).--The amendments made by subsection (c) 
        shall apply to credits determined under section 45D of the 
        Internal Revenue Code of 1986 in taxable years ending after the 
        date of the enactment of this Act and to carrybacks of such 
        credits.
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