HR 8965 · 116th Congress · Taxation

New Markets Stabilization Act

Introduced 2020-12-14· Sponsored by Rep. Sewell, Terri A. [D-AL-7]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(2020-12-14)

Plain Language Summary

[AI summary unavailable — showing source text] New Markets Stabilization Act This bill modifies provisions of the new markets tax credit (NMTC). Specifically, it increases and extends the NMTC limitation through 2022 and allows a carryback of the credit for five years. The bill also exempts the NMTC from the 75% general business credit limitation, revises debt modification rules for NMTC issuers and borrowers, and permanently exempts the NMTC from the alternative minimum tax.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Republican
Rep. Reed, Tom [R-NY-23]NY