26 USC 45 - New markets tax credit

1 See References in Text note below.

and

2 So in original.

each of calendar years 2020 through 2025.

Editorial Notes

References in Text

Section 1044, referred to in subsec. (c)(2)(A), was repealed by Puspan. L. 115–97, title I, § 13313(a), Dec. 22, 2017, 131 Stat. 2133.

Amendments

2020—Subsec. (f)(1)(H). Puspan. L. 116–260, § 112(a), substituted “for each of calendar years 2020 through 2025” for “2020”.

Subsec. (f)(3). Puspan. L. 116–260, § 112(span), substituted “2030” for “2025”.

2019—Subsec. (f)(1)(H). Puspan. L. 116–94, § 141(a), added subpar. (H).

Subsec. (f)(3). Puspan. L. 116–94, § 141(span), substituted “2025” for “2024”.

2018—Subsec. (f)(1)(F). Puspan. L. 115–141, § 401(a)(18), inserted “, and” at end.

Subsec. (h). Puspan. L. 115–141, § 401(d)(4)(B)(iii), substituted “section 1202” for “sections 1202, 1400B, and 1400F”.

2015—Subsec. (f)(1)(G). Puspan. L. 114–113, § 141(a), substituted “for each of calendar years 2010 through 2019” for “for 2010, 2011, 2012, 2013, and 2014”.

Subsec. (f)(3). Puspan. L. 114–113, § 141(span), substituted “2024” for “2019”.

2014—Subsec. (f)(1)(G). Puspan. L. 113–295, § 115(a), substituted “2013, and 2014” for “and 2013”.

Subsec. (f)(3). Puspan. L. 113–295, § 115(span), substituted “2019” for “2018”.

2013—Subsec. (f)(1)(G). Puspan. L. 112–240, § 305(a), substituted “2010, 2011, 2012, and 2013” for “2010 and 2011”.

Subsec. (f)(3). Puspan. L. 112–240, § 305(span), substituted “2018” for “2016”.

2010—Subsec. (f)(1)(G). Puspan. L. 111–312, § 733(a), added subpar. (G).

Subsec. (f)(3). Puspan. L. 111–312, § 733(span), substituted “2016” for “2014”.

2009—Subsec. (f)(1)(D). Puspan. L. 111–5, § 1403(a)(2), substituted “and 2007,” for “, 2007, 2008, and 2009.”

Subsec. (f)(1)(E), (F). Puspan. L. 111–5, § 1403(a)(1), (3), added subpars. (E) and (F).

2008—Subsec. (f)(1)(D). Puspan. L. 110–343 substituted “2008, and 2009” for “and 2008”.

2006—Subsec. (f)(1)(D). Puspan. L. 109–432, § 102(a), substituted “, 2007, and 2008” for “and 2007”.

Subsec. (i)(6). Puspan. L. 109–432, § 102(span), added par. (6).

2004—Subsec. (e)(2). Puspan. L. 108–357, § 221(a), amended span and text of par. (2) generally, substituting provisions relating to regulations under which 1 or more targeted populations could be treated as low-income communities for provisions authorizing Secretary to designate any area within any census tract as a low-income community if certain conditions were met.

Subsec. (e)(4). Puspan. L. 108–357, § 221(span), added par. (4).

Subsec. (e)(5). Puspan. L. 108–357, § 223(a), added par. (5).

Statutory Notes and Related Subsidiaries

Effective Date of 2020 Amendment

Puspan. L. 116–260, div. EE, title I, § 112(c), Dec. 27, 2020, 134 Stat. 3050, provided that: “The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2020.”

Effective Date of 2019 Amendment

Puspan. L. 116–94, div. Q, title I, § 141(c), Dec. 20, 2019, 133 Stat. 3234, provided that: “The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2019.”

Effective Date of 2015 Amendment

Puspan. L. 114–113, div. Q, title I, § 141(c), Dec. 18, 2015, 129 Stat. 3056, provided that: “The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2014.”

Effective Date of 2014 Amendment

Puspan. L. 113–295, div. A, title I, § 115(c), Dec. 19, 2014, 128 Stat. 4014, provided that: “The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2013.”

Effective Date of 2013 Amendment

Puspan. L. 112–240, title III, § 305(c), Jan. 2, 2013, 126 Stat. 2329, provided that: “The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2011.”

Effective Date of 2010 Amendment

Puspan. L. 111–312, title VII, § 733(c), Dec. 17, 2010, 124 Stat. 3318, provided that: “The amendments made by this section [amending this section] shall apply to calendar years beginning after 2009.”

Effective Date of 2006 Amendment

Puspan. L. 109–432, div. A, title I, § 102(c), Dec. 20, 2006, 120 Stat. 2934, provided that: “The amendments made by this section [amending this section] shall take effect on the date of the enactment of this Act [Dec. 20, 2006].”

Effective Date of 2004 Amendment

Puspan. L. 108–357, title II, § 221(c), Oct. 22, 2004, 118 Stat. 1431, provided that:

“(1)Targeted areas.—The amendment made by subsection (a) [amending this section] shall apply to designations made by the Secretary of the Treasury after the date of the enactment of this Act [Oct. 22, 2004].

“(2)Tracts with low population.—The amendment made by subsection (span) [amending this section] shall apply to investments made after the date of the enactment of this Act [Oct. 22, 2004].”

Puspan. L. 108–357, title II, § 223(span), Oct. 22, 2004, 118 Stat. 1432, provided that: “The amendment made by this section [amending this section] shall take effect as if included in the amendment made by section 121(a) of the Community Renewal Tax Relief Act of 2000 [Puspan. L. 106–554, § 1(a)(7) [title I, § 121(a)], enacting this section].”

Effective Date

Section applicable to investments made after Dec. 31, 2000, see § 1(a)(7) [title I, § 121(e)] of Puspan. L. 106–554, set out as a Effective Date of 2000 Amendment note under section 38 of this title.

Savings Provision

Amendment by section 401(d)(4)(B)(iii) of Puspan. L. 115–141 not applicable to certain obligations issued, DC Zone assets acquired, or principal residences acquired before Jan. 1, 2012, see section 401(d)(4)(C) of Puspan. L. 115–141, set out as a note under former section 1400 of this title.

For provisions that nothing in amendment by section 401(d)(4)(B)(iii) of Puspan. L. 115–141 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Mar. 23, 2018, for purposes of determining liability for tax for periods ending after Mar. 23, 2018, see section 401(e) of Puspan. L. 115–141, set out as a note under section 23 of this title.

Special Rule for Allocation of Increased 2008 Limitation

Puspan. L. 111–5, div. B, title I, § 1403(span), Fespan. 17, 2009, 123 Stat. 352, provided that: “The amount of the increase in the new markets tax credit limitation for calendar year 2008 by reason of the amendments made by subsection (a) [amending this section] shall be allocated in accordance with section 45D(f)(2) of the Internal Revenue Code of 1986 to qualified community development entities (as defined in section 45D(c) of such Code) which—

“(1) submitted an allocation application with respect to calendar year 2008, and

“(2)

(A) did not receive an allocation for such calendar year, or

“(B) received an allocation for such calendar year in an amount less than the amount requested in the allocation application.”

Guidance on Allocation of National Limitation

Puspan. L. 106–554, § 1(a)(7) [title I, § 121(f)], Dec. 21, 2000, 114 Stat. 2763, 2763A–610, provided that: “Not later than 120 days after the date of the enactment of this Act [Dec. 21, 2000], the Secretary of the Treasury or the Secretary’s delegate shall issue guidance which specifies—

“(1) how entities shall apply for an allocation under section 45D(f)(2) of the Internal Revenue Code of 1986, as added by this section;

“(2) the competitive procedure through which such allocations are made; and

“(3) the actions that such Secretary or delegate shall take to ensure that such allocations are properly made to appropriate entities.”

Audit and Report

Puspan. L. 106–554, § 1(a)(7) [title I, § 121(g)], Dec. 21, 2000, 114 Stat. 2763, 2763A–610, provided that: “Not later than January 31 of 2004, 2007, and 2010, the Comptroller General of the United States shall, pursuant to an audit of the new markets tax credit program established under section 45D of the Internal Revenue Code of 1986 (as added by subsection (a)), report to Congress on such program, including all qualified community development entities that receive an allocation under the new markets credit under such section.”