This part takes the end year off the new markets tax credit. It now runs for every calendar year after 2019. It also caps how long unused room may be carried forward at five years.
“Section 45D(f)(1)(H) is amended by striking "for for each of calendar years 2020 through 2025" and inserting " for each calendar year after 2019".”
The section strikes the words naming calendar years 2020 through 2025 in section 45D(f)(1)(H) of the Internal Revenue Code of 1986 and inserts words covering each calendar year after 2019.
What the document actually says
“Section 45D(f)(1)(H) is amended by striking "for for each of calendar years 2020 through 2025" and inserting " for each calendar year after 2019".”
That sentence, in plain words
A closed run of years is taken out. Words covering every year after 2019 are put in.
What this is about
The old wording stopped at 2025. The new wording has no end year. So the credit carries on.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “may not”Who acts: Secretary of the TreasuryHow: statuteSec. 70423 in the PDF
What the document says
“No amount may be carried under subparagraph (A) to any calendar year afer the fifth calendar year after the calendar year in which the excess described in such subparagraph occurred.”
The section rewrites the second sentence of section 45D(f)(3) of the Internal Revenue Code of 1986 to bar a carryover past the fifth calendar year after the year the excess arose, and treats any excess for a calendar year before 2026 as having arisen in calendar year 2025.
What the document actually says
“No amount may be carried under subparagraph (A) to any calendar year afer the fifth calendar year after the calendar year in which the excess described in such subparagraph occurred.”
That sentence, in plain words
Unused room may not be carried past a point. That point is the fifth calendar year after it arose.
What this is about
Room left over rolls forward until then. After five years the rest is lost. Older room counts as arising in 2025.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall apply”Who acts: Secretary of the TreasuryHow: statuteSec. 70423 in the PDF
What the document says
“The amendments made by this section shall apply to calendar years beginning after December 31, 2025.”
The section applies its amendments to calendar years beginning after December 31, 2025.
What the document actually says
“The amendments made by this section shall apply to calendar years beginning after December 31, 2025.”
That sentence, in plain words
The changes start with years that begin after December 31, 2025. Older years are left out.
What this is about
Earlier years are not touched. The old rules still hold for them. The date is fixed in the law.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Each distinct thing the section does: replace the closed run of calendar years with an open one, cap the carryover at five calendar years with the transition rule for years before 2026, and fix the effective date.
The paragraph designation added so a new subparagraph could follow.
The section works by amending section 45D(f) of the Internal Revenue Code of 1986, which is not indexed here, so how the credit is allocated cannot be checked against anything on this site.
