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New Markets Tax Credit Extension Act of 2007 (Introduced in Senate)

S 1239 IS

110th CONGRESS

1st Session

S. 1239

To amend the Internal Revenue Code of 1986 to extend the new markets tax credit through 2013, and for other purposes.

IN THE SENATE OF THE UNITED STATES

April 26, 2007

Mr. ROCKEFELLER (for himself, Ms. SNOWE, Mr. SCHUMER, Mr. KERRY, Mr. BINGAMAN, Ms. STABENOW, Mr. SMITH, Mr. BROWN, and Mrs. DOLE) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to extend the new markets tax credit through 2013, 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 2007'.

SEC. 2. EXTENSION OF NEW MARKETS TAX CREDIT.

    (a) Extension-

      (1) IN GENERAL- Subparagraph (D) of section 45D(f)(1) of the Internal Revenue Code of 1986 (relating to national limitation on amount of investments designated) is amended by striking `2006, 2007, and 2008' and inserting `each of calendar years 2006 through 2013'.

      (2) CONFORMING AMENDMENT- Section 45D(f)(3) of such Code is amended by striking `2014' and inserting `2020'.

    (b) Inflation Adjustment- Section 45D(f) of the Internal Revenue Code of 1986 is amended by inserting at the end the following new paragraph:

      `(4) INFLATION ADJUSTMENT-

        `(A) IN GENERAL- In the case of any calendar year beginning after 2008, the dollar amount in paragraph (1)(D) 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 2007' for `calendar year 1992' in subparagraph (B) thereof.

        `(B) ROUNDING RULE- If a dollar amount in paragraph (1)(D), 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) Effective Date- The amendments made by this section shall take effect on the date of the enactment of this Act.


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