New Markets Tax Credit:
Legislation - 2008
Enacted Legislation
Introduced Legislation
Extend NMTC to U.S. Territories
H.R. 5742
Introduced April 9, 2008 by Rep. Madeline Bordallo
Amends the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for community development entities created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands
NMTC Extension
H.R. 6049, Energy and Tax Extenders Act of 2008
Introduced May 14, 2008 by Rep. Charles Rangel
The bill extends for one year (through 2009) the new markets tax credit, permitting a $3.5 billion maximum annual amount of qualified equity investments. This proposal is estimated to cost $1.315 billion over 10 years. Would also provide almost $20
billion of tax incentives for investment in renewable energy, carbon capture and sequestration
demonstration projects, energy efficiency and conservation.
Ways and Means Commitee Description of H.R. 6049, Energy and Tax Extenders Act of 2008
JCT Estimated Revenue Effects of H.R. 6049, Energy and Tax Extenders Act of 2008
JCT Description of H.R. 6049, Energy and Tax Extenders Act of 2008
S. 2886, the Alternative Minimum Tax and Extenders Tax Relief Bill of 2008
Introduced April 17, by Sen. Max Baucus
Among other things, would extend NMTC for one year until Dec. 31, 2009.
GOP Senators Letter Urging Passage of Extenders Passage Without Revenue Offsets (April 23, 2008)
NMTC Coaltion and Industry Letter Thanking Baucus and Grassley and Expressing Support for Extending the NMTC (April 23, 2008)