Representatives Claudia Tenney (R-NY) and Terri Sewell (D-AL) introduced the New Markets Tax Credit Extension Act (H.R. 2539) in the U.S. House of Representatives. The bill would make the New Markets Tax Credit (NMTC) permanent, set the initial annual allocation amount at $5 billion, provide for annual inflation adjustments and allow NMTC to be taken against alternative minimum tax (AMT) liability. This is the companion bill to S. 234 , which was introduced in February in the Senate. The AMT relief would apply to taxable years beginning after Dec. 31, 2022.
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