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

Bill 119 s 479, also known as the New Markets Tax Credit Extension Act, is a proposed piece of legislation that aims to make permanent an amendment to the Internal Revenue Code of 1986. The main focus of the bill is to extend the new markets tax credit, which is a tax incentive designed to encourage investment in low-income communities.

The new markets tax credit was originally created in 2000 and has been extended multiple times since then. This bill seeks to make the tax credit a permanent fixture in the tax code, providing certainty to investors and businesses looking to invest in economically distressed areas.

In addition to making the new markets tax credit permanent, the bill also includes provisions for other purposes. While the specifics of these provisions are not detailed in the summary, it can be assumed that they are related to further incentivizing investment in low-income communities and promoting economic development. Overall, Bill 119 s 479 is a bipartisan effort to support economic growth in underserved areas by making the new markets tax credit a permanent part of the tax code. If passed, this legislation could have a significant impact on investment in low-income communities across the United States.