II
110th CONGRESS
1st Session
S. 1239
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.
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.