New Markets Tax Credit Extension Act of 2014

New Markets Tax Credit Extension Act of 2014 - Amends the Internal Revenue Code to: (1) make permanent the new markets tax credit, (2) provide for an inflation adjustment to the limitation amount for such credit after 2013, and (3) allow an offset against the alternative minimum tax (AMT) for such credit (determined with respect to qualified equity investments initially made after the enactment of this Act).

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4365 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4365

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


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 2, 2014

  Mr. Gerlach (for himself, Mr. Neal, Mr. Kelly of Pennsylvania, Mr. 
 Blumenauer, Mr. Tiberi, Mr. Rangel, Mr. Reed, Mr. McDermott, and Mr. 
    Lewis) 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 permanently extend the 
            new markets tax credit, 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 2014''.

SEC. 2. PERMANENT EXTENSION OF NEW MARKETS TAX CREDIT.

    (a) Extension.--
            (1) In general.--Subparagraph (G) of section 45D(f)(1) of 
        the Internal Revenue Code of 1986 is amended by striking ``, 
        2011, 2012, and 2013'' and inserting ``and each calendar year 
        thereafter''.
            (2) Conforming amendment.--Section 45D(f)(3) of such Code 
        is amended by striking the last sentence.
    (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 2013, the dollar amount in paragraph 
                (1)(G) 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 2000' for `calendar year 1992' 
                        in subparagraph (B) thereof.
                    ``(B) Rounding rule.--Any increase under 
                subparagraph (A) which is not a multiple of $1,000,000 
                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 after the date of the enactment 
                        of the New Markets Tax Credit Extension Act of 
                        2014,''.
    (d) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall take effect on the date 
        of the enactment of this Act.
            (2) Alternative minimum tax relief.--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.
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