HR 8965
116th Congress
House
Taxation
Business investment and capital
Community life and organization
Debt collection
Economic development
Income tax credits
Tax administration and collection, taxpayers
New Markets Stabilization Act
Introduced: December 14, 2020
Introduced by:
Sewell, Terri A.
Democratic
· Alabama
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 14, 2020
Referred to the House Committee on Ways and Means.
Dec 14, 2020
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1