To amend the Internal Revenue Code of 1986 to permanently extend the new markets tax credit, and for other purposes.

Referred to the House Committee on Ways and Means.

Bill 119 HR 1103, also known as the New Markets Tax Credit Extension Act, aims to make permanent an important provision in the Internal Revenue Code of 1986. The new markets tax credit is a tool designed to incentivize investment in low-income communities by providing tax credits to investors who put money into designated areas.

The bill seeks to extend this tax credit indefinitely, ensuring that it remains a viable option for investors looking to support economic development in underserved areas. By making the credit permanent, the legislation aims to provide stability and certainty for investors, encouraging continued investment in communities that need it most.

In addition to extending the new markets tax credit, the bill also includes provisions for other purposes. While the specifics of these additional provisions are not detailed in the summary, it is clear that the primary focus of the legislation is on the extension of the tax credit. Overall, Bill 119 HR 1103 represents a bipartisan effort to support economic development in low-income communities through the extension of the new markets tax credit. By making this credit permanent, the legislation aims to encourage continued investment in underserved areas, ultimately helping to spur economic growth and create opportunities for residents in these communities.