[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2655 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2655

 To amend the Internal Revenue Code of 1986 to extend the new markets 
            tax credit through 2016, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 26, 2011

    Mr. Gerlach (for himself, Mr. Neal, Mr. Tiberi, Mr. Rangel, Mr. 
  McDermott, Mr. Lewis of Georgia, and Mr. Blumenauer) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend the new markets 
            tax credit through 2016, 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 2011''.

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 is amended--
                    (A) by striking the period at the end of 
                subparagraph (G) and inserting ``, and'', and
                    (B) by adding at the end the following new 
                subparagraph:
                    ``(H) $5,000,000,000 for 2012, 2013, 2014, 2015, 
                2016.''.
            (2) Conforming amendment.--Section 45D(f)(3) of such Code 
        is amended by striking ``2016'' 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 2012, the dollar amount in paragraph 
                (1)(H) 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 2011' for `calendar year 1992' 
                        in subparagraph (B) thereof.
                    ``(B) Rounding rule.--If a dollar amount in 
                paragraph (1)(G), 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 (ix) as clauses 
        (vi) through (x), respectively, and
            (2) by inserting after clause (iv) the following new 
        clause:
                            ``(v) the credit determined under section 
                        45D, but only with respect to credits 
                        determined with respect to qualified equity 
                        investments (as defined in section 45D(b)) 
                        initially made before January 1, 2017,''.
    (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 with respect to qualified 
        equity investments (as defined in section 45D(b) of the 
        Internal Revenue Code of 1986) initially made after the date of 
        the enactment of this Act.
                                 <all>