New Markets Tax Credit:
Legislation - 2008
Enacted Legislation
NMTC Extension
H.R. 1424 Emergency Economic Stabilization Act of 2008
Introduced March 9, 2008 by Rep. Patrick Kennedy
Provides authority for the federal government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers. Also provides a patch for the alternative minimum tax and extends the production tax credit (PTC) for wind energy for one year, the investment tax credit (ITC) for solar energy projects for eight years and the new markets tax credit (NMTC) for one year. Allows states to allocate an additional $8 per capita in low-income housing tax credit (LIHTC) amounts in 2008, 2009 and 2010 in the Midwestern Disaster Area. Also allows Texas and Louisiana to allocate $16 per capita in additional LIHTC amounts in 2008, 2009 and 2010 based on the populations of Brazoria, Chambers, Galveston, Jefferson and Orange counties in Texas and Calcasieu and Cameron parishes in Louisiana.
Summary of Energy, Extenders, AMT and Disaster Tax Provisions in the Emergency Economic Stabilization Act of 2008 (October 1, 2008)
List of Counties Included in the Midwestern Disaster Area
Joint Committee on Taxation Technical Explanation of the Tax Provisions of H.R. 1424 (October 1, 2008)
Introduced Legislation
H.R. 7060 Renewable Energy and Job Creation Tax Act of 2008
Introduced September 25, 2008 by Rep. Charles Rangel
Would extend production tax credit for wind energy for one year and investment tax credits for solar energy projects for eight years. Also extends a number of expiring tax incentives, including the new markets tax credit.
Cosponsors (none) More information
S. 3335, The Jobs, Energy, Families and Disaster Relief Act
Introduced July 24, 2008 by Sen. Max Baucus
Would extend for the NMTC for one year through 2009 and add counties whose average wage is 75 percent or less than the national average located in states whose average wage is less than 75 percent of the national average to the definition of qualifying low-income communities. The bill builds on the Energy Independence and Tax Relief Act of 2008 (S. 3125), which extends and expands production and investment tax credits for renewable energy, by adding provisions to provide immediate relief to victims of floods and other natural disasters, replenish the Highway Trust Fund to enable vital infrastructure repairs and more job creation, and require parity for mental health care treatment with other medical treatment in the nation’s health care system.
Estimated Revenue Effects of The Jobs, Energy, Families and Disaster Relief Act (July 24, 2008)
Summary of the Provisions of The Jobs, Energy, Families and Disaster Relief Act
H.R. 6049, Renewable Energy and Job Creation Act of 2008 (As Passed by House on May 21, 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.
Press Release and Summary: Senate Passes Baucus-Grassley Clean Energy Incentives, Extensions of Expiring Tax Cuts, Disaster Relief and Protection from Alternative Minimum Tax (September 23, 2008)
Baucus Floor Statement Regarding Energy, Tax Extenders (September 18, 2008)
Legislative Text to the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 (September 17, 2008)
Staff Summary of the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 (September 17, 2008)
Estimated Revenue Effects of the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 (September 17, 2008)
Legislative Text to the Energy Improvement and Extension Act (September 17, 2008)
Staff Summary of the Energy Improvement and Extension Act (September 17, 2008)
Estimated Revenue Effects of the Energy Improvement and Extension Act (September 17, 2008)
Press Release: Baucus, Grassley, Senate Leaders Agree To Move Clean Energy Incentives, Extend Expiring Tax Cuts, Offer Disaster Tax Relief, Protect Millions From Alternative Minimum Tax (September 16, 2008)
Statement of Adminstration Policy: H.R. 6049 – Renewable Energy and Job Creation Act of 2008 (May 21, 2008)
JCT Estimated Revenue Effects of H.R. 6049, Renewable Energy and Job Creation Act of 2008 (May 21, 2008)
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 (May 15, 2008)
JCT Description of H.R. 6049, Energy and Tax Extenders Act of 2008 (May 15, 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)
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