S. 4584

119 S4584 IS: To amend the Internal Revenue Code of 1986 to expand the new markets tax credit, and for other purposes.
 U.S. Senate
 2026-05-20
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 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  2d Session  S. 4584  IN THE SENATE OF THE UNITED STATES   May 20, 2026   Mr. Cassidy  introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
To amend the Internal Revenue Code of 1986 to expand the new markets tax credit, and for other purposes.
1.
Short title
This Act may be cited as the   Norma Ruth Criswell Carpenter & Clovis C. Criswell Grant Parish Restoration Act of 2026  .
2.
Modification of rules for high migration rural counties under new markets tax credit
(a)
In general
 Section 45D(e)(5)(B)  of the Internal Revenue Code of 1986 is amended by inserting,  determined without regard to individuals included in the institutionalized group quarters population (as defined by the Bureau of the Census in such census)  before the period at the end.
(b)
Effective date
The amendment made by this section shall apply to investments made after the date of the enactment of this Act.
3.
Special new markets tax credit rule for counties in which the Federal government owns a large portion of land
(a)
In general
 Section 45D(e)  of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
(6)
Low-income communities with population densities suppressed by uninhabited
  Federal lands
(A)
In general
In the case of any population census tract located in a county in which not less than 30 percent of the land is owned by the Federal Government on December 31, 2025, paragraph (1)(A) shall be applied by substituting  15 percent  for  20 percent .
(B)
Treatment of military installations
For purposes of this paragraph, land used as a military installation shall not be treated as land owned by the Federal Government.
(C)
Treatment of Federal lands held in trust for tribes
For purposes of this paragraph, land owned by the Federal Government and held in trust for Native Americans shall not be treated as land owned by the Federal Government.
  .
(b)
Effective date
The amendment made by this section shall apply to investments made after December 31, 2025.