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A bill to amend the Internal Revenue Code of 1986 to permanently extend the new markets tax credit, and for other purposes.
2/25/2025, 11:56 AM
Summary of Bill S 479
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.
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.
Current Status of Bill S 479
Bill S 479 is currently in the status of Bill Introduced since February 6, 2025. Bill S 479 was introduced during Congress 119 and was introduced to the Senate on February 6, 2025. Bill S 479's most recent activity was Read twice and referred to the Committee on Finance. as of February 6, 2025
Bipartisan Support of Bill S 479
Total Number of Sponsors
3Democrat Sponsors
0Republican Sponsors
3Unaffiliated Sponsors
0Total Number of Cosponsors
32Democrat Cosponsors
17Republican Cosponsors
15Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 479
Primary Policy Focus
Alternate Title(s) of Bill S 479
A bill to amend the Internal Revenue Code of 1986 to permanently extend the new markets tax credit, and for other purposes.
A bill to amend the Internal Revenue Code of 1986 to permanently extend the new markets tax credit, and for other purposes.
Comments

Emilia Williams
1,142
1 year ago
This bill, it make me so sad. It take away important tax credit for new markets. I not agree with this bill. It affect me and my community. We need this credit to help us grow and thrive. Why they do this? It not fair. #disappointed
Sponsors and Cosponsors of S 479
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