New Markets Tax Credit Extension Act of 2021
Latest action · Feb 25, 2021 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 25, 2021
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
New Markets Tax Credit Extension Act of 2021
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 2021, and (2) allow an offset against the alternative minimum tax for the credit (determined with respect to qualified equity investments initially made after 2020).
Cosponsors 25
Members who signed on, in the order they did. Signatures ran from Feb 25, 2021 to Nov 16, 2022; 5 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles E. Schumer | Original | Feb 25, 2021 |
| D-WA | Maria Cantwell | Original | Feb 25, 2021 |
| R-OH | Rob Portman | Original | Feb 25, 2021 |
| R-MO | Roy Blunt | Original | Feb 25, 2021 |
| R-SC | Tim Scott | Original | Feb 25, 2021 |
| R-LA | Bill Cassidy | Mar 9, 2021 | |
| D-NH | Jeanne Shaheen | Mar 9, 2021 | |
| D-VT | Patrick J. Leahy | Mar 9, 2021 | |
| D-NJ | Robert Menendez | Mar 9, 2021 | |
| R-WV | Shelley Moore Capito | Mar 9, 2021 | |
| R-MT | Steve Daines | Mar 9, 2021 | |
| D-VA | Mark R. Warner | Apr 14, 2021 | |
| D-CO | Michael F. Bennet | Apr 14, 2021 | |
| D-PA | Robert P. Casey Jr. | Apr 14, 2021 | |
| R-AR | John Boozman | Apr 20, 2021 | |
| R-TN | Marsha Blackburn | Apr 20, 2021 | |
| D-MD | Chris Van Hollen | May 20, 2021 | |
| R-MS | Cindy Hyde-Smith | May 27, 2021 | |
| R-MS | Roger F. Wicker | May 27, 2021 | |
| D-MT | Jon Tester | Jun 22, 2021 | |
| D-NV | Catherine Cortez Masto | Jul 15, 2021 | |
| R-KS | Jerry Moran | Jan 12, 2022 | |
| D-CT | Christopher Murphy | Jul 19, 2022 | |
| D-OH | Sherrod Brown | Sep 22, 2022 | |
| D-WI | Tammy Baldwin | Nov 16, 2022 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Feb 25, 2021 |
Actions 2
Everything that happened, newest first.
- Feb 25, 2021Introduced in Senate
- Feb 25, 2021Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 234 | New Markets Tax Credit Extension Act of 2023 | Reintroduced Bill | Apr 16, 2024 |
| HR 1321 | New Markets Tax Credit Extension Act of 2021 | Identical bill | Feb 25, 2021 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to permanently extend the new markets tax credit, and for other purposes.
- Short Title(s) as Introduced
- New Markets Tax Credit Extension Act of 2021
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 25, 2021Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
