New Markets Tax Credit:

Legislation - 2009

Enacted Legislation

Economic Recovery

H.R. 1, American Recovery and Reinvestment Act of 2009
(Senate version as of February 7, 2009)

Senate Appropriations Committee Summary of ARRA Conference Report
(February 12, 2009)

Full Summary of Provisions from Senate Finance and House Ways & Means Committees
(February 12, 2009)

Side-By-Side Chart of Notable Differences Between the Senate-Passed and the House-Passed American Recovery and Reinvestment Act of 2009
(February 10, 2009)

JCX-17-09: Estimated Budget Effects Of The Revenue Provisions Contained In The Collins-Nelson Amendment (# 570) In The Nature Of A Substitute To The "American Recovery And Reinvestment Tax Act Of 2009," Under Consideration By The Senate
(February 10, 2009)

Summary of Finance Provisions as Amended on the Floor through 2/7, Plus Expected Elements of the Collins-Nelson Amendment
(February 9, 2009)

Introduced Legislation

Allowance of NMTC Against AMT

H.R. 4849, the Small Business And Infrastructure Jobs Tax Act Of 2010
Introduced March 16, 2010

Cosponsors     More information

JCX 12-10: Estimated Revenue Effects Of H.R. 4849, The “Small Business And Infrastructure Jobs Tax Act Of 2010,” Scheduled For Markup By The Committee on Ways And Means On March 17, 2010 (March 16, 2010)

JCX 13-10: Description Of H.R. 4849, The “Small Business And Infrastructure Jobs Tax Act Of 2010” (March 16, 2010)

JCX 14-10: Description Of An Amendment In The Nature Of A Substitute To The Provisions Of H.R. 4849, The “Small Business And Infrastructure Jobs Tax Act Of 2010” (March 16, 2010)

JCX 15-10: Estimated Revenue Effects Of The Chairman’s Amendment In The Nature Of A Substitute To H.R. 4849, The “Small Business And Infrastructure Jobs Tax Act Of 2010” Scheduled For Markup By The Committee on Ways And Means On March 17, 2010 (March 16, 2010)

Extenders

H.R. 4213, Tax Extenders Act of 2009
(Introduced December 7, 2009)

Click here to go to the Tax Extenders of 2009 Hot Topics page for more information

NMTC Extension

S. 1583, the New Markets Tax Credit Extension Act of 2009
Introduced by Sen. Jay Rockefeller on August 5, 2009

Would extend the NMTC for five years throught 2014 and provide $5 billion in annual NMTC allocation authority. Would permit the NMTC to offset the alternative minimum tax (AMT).

Cosponsors     More information

H.R. 2628, New Markets Tax Credit Extension Act of 2009
Introduced by Rep. Richard Neal on May 21, 2009

Would amend the Internal Revenue Code of 1986 to extend the new markets tax credit through 2013, among other purposes.

Cosponsors     More information

H.R. 473, 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
Introduced January 13, 2009

Cosponsors     More information

State NMTC Programs

Wisconsin A.B. 642, State New Markets Tax Credit Program
(Introduced January 4, 2010)

Oregon S.B. 878, State New Markets Tax Credit Program
(Introduced March 9, 2009)

Texas, S.B. 1429, State New Markets Tax Credit Program
(Introduced March 6, 2009)

Bill Status