PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
No official summary is available in the imported record yet.
People & committees
Rep. Tenney, Claudia [R-NY-24] · R–NY
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
Source last updated: Dec 18, 2025. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2025-02-06 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The proposed New Markets Tax Credit Extension Act of 2025 would continue the credit beyond 2025 without a scheduled end date and add annual inflation adjustments starting in 2026. It would also change alternative minimum tax treatment for credits tied to eligible investments first made after 2024. The changes concern taxpayers using the credit, but the supplied text does not reproduce the program’s eligibility rules.
This Act may be cited as the New Markets Tax Credit Extension Act of 2025.
Subparagraph (H) of section 45D(f)(1) of the Internal Revenue Code of 1986 is amended by striking for each of calendar years 2020 through 2025 and inserting calendar year 2020 and each calendar year thereafter.
In the case of any calendar year beginning after 2025, the dollar amount in paragraph (1)(H) shall be increased
(c) Alternative minimum tax relief Subparagraph (B) of section 38(c)(4) of the Internal Revenue Code of 1986 is amended— (1) by redesignating clauses (vii) through (xii) as clauses (viii) through (xiii), respectively, and (2) by inserting after clause (vi) the following new clause: (vii) the credit determined under section 45D, but only with respect to credits determined with respect to qualified equity investments (as defined in section 45D(b)) initially made after December 31, 2024,
The bill would replace the credit provision’s 2020–2025 calendar-year window with language covering 2020 and every calendar year afterward. The replacement language contains no end date.
Subparagraph (H) of section 45D(f)(1) of the Internal Revenue Code of 1986 is amended by striking for each of calendar years 2020 through 2025 and inserting calendar year 2020 and each calendar year thereafter.
The bill would also delete the last sentence of tax-code section 45D(f)(3). Because that sentence is not reproduced, the supplied evidence does not establish the deletion’s practical effect.
(2) Conforming amendment Section 45D(f)(3) of such Code is amended by striking the last sentence.
Starting in calendar year 2026, the bill would increase the dollar amount specified in section 45D(f)(1)(H) using a cost-of-living formula—an adjustment for inflation. The increase would equal that dollar amount multiplied by the referenced adjustment, using calendar year 2000 in place of 2016 in the formula. The underlying dollar amount is not reproduced.
(4) Inflation adjustment (A) In general In the case of any calendar year beginning after 2025, the dollar amount in paragraph (1)(H) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting calendar year 2000 for calendar year 2016 in subparagraph (A)(ii) thereof.
Any inflation increase that is not a multiple of $1 million would be rounded to the nearest $1 million.
(B) Rounding rule Any increase under subparagraph (A) which is not a multiple of $1,000,000 shall be rounded to the nearest multiple of $1,000,000.
The provision labeled alternative minimum tax relief would add the New Markets Tax Credit to the list in section 38(c)(4)(B). Alternative minimum tax is an alternative calculation of tax liability. The addition would cover only credits tied to qualified equity investments first made after December 31, 2024; the existing law defining eligible investments and governing that list is not reproduced.
(c) Alternative minimum tax relief Subparagraph (B) of section 38(c)(4) of the Internal Revenue Code of 1986 is amended— (1) by redesignating clauses (vii) through (xii) as clauses (viii) through (xiii), respectively, and (2) by inserting after clause (vi) the following new clause: (vii) the credit determined under section 45D, but only with respect to credits determined with respect to qualified equity investments (as defined in section 45D(b)) initially made after December 31, 2024,
Generally, the amendments would apply to tax years beginning after December 31, 2024. The alternative minimum tax amendment has a separate rule: it would apply to credits tied to qualified equity investments first made after that date.
(d) Effective dates (1) In general Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2024. (2) Alternative minimum tax relief The amendments made by subsection (c) shall apply to credits determined with respect to qualified equity investments (as defined in section 45D(b) of the Internal Revenue Code of 1986) initially made after December 31, 2024.
The supplied actions snapshot, updated December 18, 2025, records introduction in the House and referral to the House Committee on Ways and Means on February 6, 2025. It supplies no later action or enactment information.
Source snapshot updated 2025-12-18T09:07:33Z. 2025-02-06: Referred to the House Committee on Ways and Means. 2025-02-06: Introduced in House 2025-02-06: Introduced in House
A closer look
Reviewed version: Introduced in House · 2025-02-06. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified in the complete supplied introduced text. This conclusion does not cover other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion does not establish the absence of earmarks in other versions or accompanying materials.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
None identified in the reviewed text
No materially narrow carve-out or preferential exception beyond the credit program’s intended beneficiaries was identified in the complete supplied introduced text. This conclusion is limited to this version and the statutory context supplied.
Full text preserved for this analysis. Legislative record snapshot: Dec 18, 2025. How PlainBill uses AI