Summary: This bill makes the new markets tax credit permanent. It also modifies the credit to (1) provide for an inflation adjustment to the limitation amount for the credit after 2018, and (2) allow an offset against the alternative minimum tax for the credit (determined with respect to qualified equity investments initially made after 2018). (Cosponsors, Bipartisan)
ANGIE CRAIG’S POSITION: Representative Craig Cosponsored the bill on 02/13/20.
STATUS: Introduced 03/12/19 by Rep. Sewell, Terri A. [D-AL-7].
INFORMATION RELATED TO THE BILL:
“The New Markets Tax Credit is an essential tool for revitalizing rural and urban communities across the country, and is a proven, cost-effective incentive that spurs investment in areas by providing businesses with flexible, affordable access to financing,” Sewell said. “I am confident that extending the tax credit will continue to help attract new investment in Alabama’s 7th District. New Markets Tax Credits have helped spur a number of important projects in the 7th District, including financing the Entrepreneurial Center in Birmingham and transforming the Huyck Felt brick plant into a new wood pellet manufacturing facility in Aliceville, creating 275 jobs.” (Source: Rep. Sewell, Press Release, 3/12/19)
Link to the text of the bill.
Link to bill information (support and opposition) on Countable.