US SB479

Permanently extends the New Markets Tax Credit (NMTC) program under Section 45D of the Internal Revenue Code, which was previously set to expire after 2025

Adds an annual inflation adjustment to the credit allocation amount beginning in calendar year 2026, using a cost-of-living formula based on calendar year 2000 as the reference point

Inflation adjustments will be rounded to the nearest $1,000,000

Allows the NMTC to be used against the Alternative Minimum Tax (AMT) for qualified equity investments made after December 31, 2024

Amendments take effect for taxable years beginning after December 31, 2024