I
110th CONGRESS
1st Session
H. R. 2075
IN THE HOUSE OF REPRESENTATIVES
April 30, 2007
Mr. Neal of Massachusetts (for himself, Mr. Lewis of Kentucky, Mr. McDermott, Mr. English of Pennsylvania, Mrs. Jones of Ohio, Mr. Ramstad, Mr. Blumenauer, Ms. Pryce of Ohio, Mr. Jefferson, Mr. Bishop of Georgia, and Mr. Lucas) 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 extend the new markets tax credit through 2013, and for other purposes.
Short title
This Act may be cited as the
New Markets Tax Credit Extension Act
of 2007
.
Extension of new markets tax credit
Extension
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
.
Conforming amendment
Section 45D(f)(3) of such Code is amended by striking
2014
and inserting 2020
.
Inflation adjustment
Section 45D(f) of the Internal Revenue Code of 1986 is amended by inserting at the end the following new paragraph:
Inflation adjustment
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—
such dollar amount, multiplied by
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.
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.
.
Effective date
The amendments made by this section shall take effect on the date of the enactment of this Act.