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Permanent Tax Credits for Investments in Low-Income Areas

This act permanently extends the New Markets Tax Credit, aiming to stimulate economic development in low-income communities. This means more job opportunities and services in these areas, with the credit value adjusted for inflation to maintain its real worth. Businesses investing in these regions will receive greater support.
Key points
The New Markets Tax Credit, supporting investments in distressed communities, is made permanent instead of requiring periodic extensions.
The credit amount will be automatically adjusted for inflation, ensuring its value remains relevant over time.
Simplified tax calculations for businesses investing in these areas through changes to alternative minimum tax rules.
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Status:
Expired
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Additional Information
Print number: 118_HR_2539
Sponsor: Rep. Tenney, Claudia [R-NY-24]
Process start date: 2023-04-06
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

New Markets Tax Credit Extension Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2539.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-06.

What are the main provisions?

Key points include:

  • The New Markets Tax Credit, supporting investments in distressed communities, is made permanent instead of requiring periodic extensions.
  • The credit amount will be automatically adjusted for inflation, ensuring its value remains relevant over time.
  • Simplified tax calculations for businesses investing in these areas through changes to alternative minimum tax rules.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Tenney, Claudia [R-NY-24].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy Public Investments