§ 45D. New markets tax credit

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2000

   Consolidated Appropriations Act, 2001

   Pub. L. 106–554 § 1(a)(7)(tI)(s121)(a) · 114 Stat. 2763

   Enacted · 26 U.S.C. § 45D

   Added Pub. L. 106–554, § 1(a)(7) [title I, § 121(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–605

   Source evidence

   Code source credit
   Added Pub. L. 106–554, § 1(a)(7) [title I, § 121(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–605

   Enacted provision · exact public law section
   (7) H.R. 5662, as introduced on December 14, 2000.

2. 2004

   Pub. L. 108–357 § 221(a) · 118 Stat. 1418

   1. Amended · 26 U.S.C. § 45D(e)(2)

      Pub. L. 108–357, § 221(a), amended heading and text of par. (2) generally

   2. Substituted · 26 U.S.C. § 45D(e)(2)

      Pub. L. 108–357, § 221(a), 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

   Source evidence

   Code amendment note
   Subsec. (e)(2). Pub. L. 108–357, § 221(a), amended heading 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.

   Enacted provision · exact public law section
   (a) Targeted areas.— Paragraph (2) of section 45D(e) (relating to targeted areas) is amended to read as follows: “(2) Targeted populations.— The Regulations. Secretary shall prescribe regulations under which 1 or more targeted populations (within the meaning of section 103(20) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4702(20))) may be treated as low-income communities. Such regulations shall include procedures for determining which entities are qualified active low-income community businesses with respect to such populations.” .

3. 2004

   Pub. L. 108–357 § 221(b) · 118 Stat. 1418

   Added · 26 U.S.C. § 45D(e)(4)

   Pub. L. 108–357, § 221(b), added par. (4)

   Source evidence

   Code amendment note
   Subsec. (e)(4). Pub. L. 108–357, § 221(b), added par. (4).

   Enacted provision · exact public law section
   (b) Tracts with Low Population.— Subsection (e) of section 45D (defining low-income community) is amended by adding at the end the following: “(4) Tracts with low population.— A population census tract with a population of less than 2,000 shall be treated as a low-income community for purposes of this section if such tract— “(A) is within an empowerment zone the designation of which is in effect under section 1391, and “(B) is contiguous to 1 or more low-income communities (determined without regard to this paragraph).” .

4. 2004

   Pub. L. 108–357 § 223(a) · 118 Stat. 1418

   Added · 26 U.S.C. § 45D(e)(5)

   Pub. L. 108–357, § 223(a), added par. (5)

   Source evidence

   Code amendment note
   Subsec. (e)(5). Pub. L. 108–357, § 223(a), added par. (5).

   Enacted provision · exact public law section
   (a) In general.— Section 45D(e) (relating to low-income community), as amended by this Act, is amended by inserting after paragraph (4) the following new paragraph: “(5) Modification of income requirement for census tracts within high migration rural counties.— “(A) In general.— In the case of a population census tract located within a high migration rural county, paragraph (1)(B)(i) shall be applied by substituting ‘85 percent’ for ‘80 percent’. “(B) High migration rural county.— For purposes of this paragraph, the term ‘high migration rural county’ means any county which, during the 20-year period ending with the year in which the most recent census was conducted, has a net out-migration of inhabitants from the county of at least 10 percent of the population of the county at the beginning of such period.” .

5. 2006

   Tax Relief and Health Care Act of 2006

   Pub. L. 109–432 § 102(a) · 120 Stat. 2922

   Substituted · 26 U.S.C. § 45D(f)(1)(D)

   Pub. L. 109–432, § 102(a), substituted “, 2007, and 2008” for “and 2007”

   Source evidence

   Code amendment note
   Subsec. (f)(1)(D). Pub. L. 109–432, § 102(a), substituted “, 2007, and 2008” for “and 2007”.

   Enacted provision · exact public law section
   (a) Extension.— Section 45D(f)(1)(D) 26 USC 45D. is amended by striking “and 2007” and inserting “, 2007, and 2008”.

6. 2006

   Tax Relief and Health Care Act of 2006

   Pub. L. 109–432 § 102(b) · 120 Stat. 2922

   Added · 26 U.S.C. § 45D(i)(6)

   Pub. L. 109–432, § 102(b), added par. (6)

   Source evidence

   Code amendment note
   Subsec. (i)(6). Pub. L. 109–432, § 102(b), added par. (6).

   Enacted provision · exact public law section
   (b) Regulations Regarding Non-Metropolitan Counties.— Section 45D(i) is amended by striking “and” at the end of paragraph (4), by striking the period at the end of paragraph (5) and inserting “, and”, and by adding at the end the following new paragraph: “(6) which ensure that non-metropolitan counties receive a proportional allocation of qualified equity investments.” .

7. 2008

   Emergency Economic Stabilization Act of 2008

   Pub. L. 110–343 div. C title III § 302 · 122 Stat. 3765

   Substituted · 26 U.S.C. § 45D(f)(1)(D)

   Pub. L. 110–343 substituted “2008, and 2009” for “and 2008”

   Source evidence

   Code amendment note
   Subsec. (f)(1)(D). Pub. L. 110–343 substituted “2008, and 2009” for “and 2008”.

   Enacted provision · exact public law section
   SEC. 302. SPECIAL RULES FOR TAX TREATMENT OF EXECUTIVE COMPENSATION OF EMPLOYERS PARTICIPATING IN THE TROUBLED ASSETS RELIEF PROGRAM. (a) Denial of Deduction.— Subsection (m) of section 162 of the Internal Revenue Code of 1986 26 USC 162. is amended by adding at the end the following new paragraph: “(5) Special rule for application to employers participating in the troubled assets relief program.— “(A) In general.— In the case of an applicable employer, no deduction shall be allowed under this chapter— “(i) in the case of executive remuneration for any applicable taxable year which is attributable to services performed by a covered executive during such applicable taxable year, to the extent that the amount of such remuneration exceeds $500,000, or “(ii) in the case of deferred deduction executive remuneration for any taxable year for services performed during any applicable taxable year by a covered executive, to the extent that the amount of such remuneration exceeds $500,000 reduced (but not below zero) by the sum of— “(I) the executive remuneration for such applicable taxable year, plus “(II) the portion of the deferred deduction executive remuneration for such services which was taken into account under this clause in a preceding taxable year. “(B) Applicable employer.— For purposes of this paragraph— “(i) In general.— Except as provided in clause (ii), the term ‘applicable employer’ means any employer from whom 1 or more troubled assets are acquired under a program established by the Secretary under section 101(a) of the Emergency Economic Stabilization Act of 2008 if the aggregate amount of the assets so acquired for all taxable years exceeds $300,000,000. “(ii) Disregard of certain assets sold through direct purchase.— If the only sales of troubled assets by an employer under the program described in clause (i) are through 1 or more direct purchases (within the meaning of section 113(c) of the Emergency Economic Stabilization Act of 2008), such assets shall not be taken into account under clause (i) in determining whether the employer is an applicable employer for purposes of this paragraph. “(iii) Aggregation rules.— Two or more persons who are treated as a single employer under subsection (b) or (c) of section 414 shall be treated as a single employer, except that in applying section 1563(a) for purposes of either such subsection, paragraphs (2) and (3) thereof shall be disregarded. “(C) Applicable taxable year.— For purposes of this paragraph, the term ‘applicable taxable year’ means, with respect to any employer— “(i) the first taxable year of the employer— “(I) which includes any portion of the period during which the authorities under section 101(a) of the Emergency Economic Stabilization Act of 2008 are in effect (determined under section 120 thereof), and “(II) in which the aggregate amount of troubled assets acquired from the employer during the taxable year pursuant to such authorities (other than assets to which subparagraph (B)(ii) applies), when added to the aggregate amount so acquired for all preceding taxable years, exceeds $300,000,000, and “(ii) any subsequent taxable year which includes any portion of such period. “(D) Covered executive.— For purposes of this paragraph— “(i) In general.— The term ‘covered executive’ means, with respect to any applicable taxable year, any employee— “(I) who, at any time during the portion of the taxable year during which the authorities under section 101(a) of the Emergency Economic Stabilization Act of 2008 are in effect (determined under section 120 thereof), is the chief executive officer of the applicable employer or the chief financial officer of the applicable employer, or an individual acting in either such capacity, or “(II) who is described in clause (ii). “(ii) Highest compensated employees.— An employee is described in this clause if the employee is 1 of the 3 highest compensated officers of the applicable employer for the taxable year (other than an individual described in clause (i)(I)), determined— “(I) on the basis of the shareholder disclosure rules for compensation under the Securities Exchange Act of 1934 (without regard to whether those rules apply to the employer), and “(II) by only taking into account employees employed during the portion of the taxable year described in clause (i)(I). “(iii) Employee remains covered executive.— If an employee is a covered executive with respect to an applicable employer for any applicable taxable year, such employee shall be treated as a covered executive with respect to such employer for all subsequent applicable taxable years and for all subsequent taxable years in which deferred deduction executive remuneration with respect to services performed in all such applicable taxable years would (but for this paragraph) be deductible. “(E) Executive remuneration.— For purposes of this paragraph, the term ‘executive remuneration’ means the applicable employee remuneration of the covered executive, as determined under paragraph (4) without regard to subparagraphs (B), (C), and (D) thereof. Such term shall not include any deferred deduction executive remuneration with respect to services performed in a prior applicable taxable year. “(F) Deferred deduction executive remuneration.— For purposes of this paragraph, the term ‘deferred deduction executive remuneration’ means remuneration which would be executive remuneration for services performed in an applicable taxable year but for the fact that the deduction under this chapter (determined without regard to this paragraph) for such remuneration is allowable in a subsequent taxable year. “(G) Coordination.— Rules similar to the rules of subparagraphs (F) and (G) of paragraph (4) shall apply for purposes of this paragraph. “(H) Regulatory authority.— The Secretary may prescribe such guidance, rules, or regulations as are necessary to carry out the purposes of this paragraph and the Emergency Economic Stabilization Act of 2008, including the extent to which this paragraph applies in the case of any acquisition, merger, or reorganization of an applicable employer.” . (b) Golden Parachute Rule.— Section 26 USC 280G. 280G of the Internal Revenue Code of 1986 is amended— (1) by redesignating subsection (e) as subsection (f), and (2) by inserting after subsection (d) the following new subsection: “(e) Special Rule for Application to Employers Participating in the Troubled Assets Relief Program.— “(1) In general.— In the case of the severance from employment of a covered executive of an applicable employer during the period during which the authorities under section 101(a) of the Emergency Economic Stabilization Act of 2008 are in effect (determined under section 120 of such Act), this section shall be applied to payments to such executive with the following modifications: “(A) Any reference to a disqualified individual (other than in subsection (c)) shall be treated as a reference to a covered executive. “(B) Any reference to a change described in subsection (b)(2)(A)(i) shall be treated as a reference to an applicable severance from employment of a covered executive, and any reference to a payment contingent on such a change shall be treated as a reference to any payment made during an applicable taxable year of the employer on account of such applicable severance from employment. “(C) Any reference to a corporation shall be treated as a reference to an applicable employer. “(D) The provisions of subsections (b)(2)(C), (b)(4), (b)(5), and (d)(5) shall not apply. “(2) Definitions and special rules.— For purposes of this subsection: “(A) Definitions.— Any term used in this subsection which is also used in section 162(m)(5) shall have the meaning given such term by such section. “(B) Applicable severance from employment.— The term ‘applicable severance from employment’ means any severance from employment of a covered executive— “(i) by reason of an involuntary termination of the executive by the employer, or “(ii) in connection with any bankruptcy, liquidation, or receivership of the employer. “(C) Coordination and other rules.— “(i) In general.— If a payment which is treated as a parachute payment by reason of this subsection is also a parachute payment determined without regard to this subsection, this subsection shall not apply to such payment. “(ii) Regulatory authority.— The Secretary may prescribe such guidance, rules, or regulations as are necessary— “(I) to carry out the purposes of this subsection and the Emergency Economic Stabilization Act of 2008, including the extent to which this subsection applies in the case of any acquisition, merger, or reorganization of an applicable employer, “(II) to apply this section and section 4999 in cases where one or more payments with respect to any individual are treated as parachute payments by reason of this subsection, and other payments with respect to such individual are treated as parachute payments under this section without regard to this subsection, and “(III) to prevent the avoidance of the application of this section through the mischaracterization of a severance from employment as other than an applicable severance from employment.” . (c) Effective Dates.— (1) In general.— The amendment made by subsection (a) shall apply to taxable years ending on or after the date of the enactment of this Act. (2) Golden parachute rule.— The amendments made by subsection (b) shall apply to payments with respect to severances occurring during the period during which the authorities under section 101(a) of this Act are in effect (determined under section 120 of this Act).

8. 2009

   American Recovery and Reinvestment Act of 2009

   Pub. L. 111–5 § 1403(a)(2) · 123 Stat. 115

   Substituted · 26 U.S.C. § 45D(f)(1)(D)

   Pub. L. 111–5, § 1403(a)(2), substituted “and 2007,” for “, 2007, 2008, and 2009.”

   Source evidence

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

   Enacted provision · exact public law section
   (2) by striking “, 2007, 2008, and 2009.” in subparagraph (D), and inserting “and 2007,”, and

9. 2009

   American Recovery and Reinvestment Act of 2009

   Pub. L. 111–5 § 1403(a)(1) · 123 Stat. 115

   Added · 26 U.S.C. § 45D(f)(1)(E); 26 U.S.C. § 45D(f)(1)(F)

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

   Source evidence

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

   Enacted provision · exact public law section
   (1) by striking “and” at the end of subparagraph (C),

10. 2010

    Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

    Pub. L. 111–312 § 733(a) · 124 Stat. 3296

    Added · 26 U.S.C. § 45D(f)(1)(G)

    Pub. L. 111–312, § 733(a), added subpar. (G)

    Source evidence

    Code amendment note
    Subsec. (f)(1)(G). Pub. L. 111–312, § 733(a), added subpar. (G).

    Enacted provision · exact public law section
    (a) In General.— Paragraph (1) of section 45D(f) is amended— (1) by striking “and” at the end of subparagraph (E), (2) by striking the period at the end of subparagraph (F), and (3) by adding at the end the following new subparagraph: “(G) $3,500,000,000 for 2010 and 2011.” .

11. 2010

    Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

    Pub. L. 111–312 § 733(b) · 124 Stat. 3296

    Substituted · 26 U.S.C. § 45D(f)(3)

    Pub. L. 111–312, § 733(b), substituted “2016” for “2014”

    Source evidence

    Code amendment note
    Subsec. (f)(3). Pub. L. 111–312, § 733(b), substituted “2016” for “2014”.

    Enacted provision · exact public law section
    (b) Conforming Amendment.— Paragraph (3) of section 26 USC 45D. 45D(f) is amended by striking “2014” and inserting “2016”.

12. 2013

    American Taxpayer Relief Act of 2012

    Pub. L. 112–240 § 305(a) · 126 Stat. 2313

    Substituted · 26 U.S.C. § 45D(f)(1)(G)

    Pub. L. 112–240, § 305(a), substituted “2010, 2011, 2012, and 2013” for “2010 and 2011”

    Source evidence

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

    Enacted provision · exact public law section
    (a) In General.— Subparagraph (G) of section 45D(f)(1) is amended by striking “2010 and 2011” and inserting “2010, 2011, 2012, and 2013”.

13. 2013

    American Taxpayer Relief Act of 2012

    Pub. L. 112–240 § 305(b) · 126 Stat. 2313

    Substituted · 26 U.S.C. § 45D(f)(3)

    Pub. L. 112–240, § 305(b), substituted “2018” for “2016”

    Source evidence

    Code amendment note
    Subsec. (f)(3). Pub. L. 112–240, § 305(b), substituted “2018” for “2016”.

    Enacted provision · exact public law section
    (b) Carryover of Unused Limitation.— Paragraph (3) of section 45D(f) is amended by striking “2016” and inserting “2018”.

14. 2014

    Tax Increase Prevention Act of 2014

    Pub. L. 113–295 § 115(a) · 128 Stat. 4010

    Substituted · 26 U.S.C. § 45D(f)(1)(G)

    Pub. L. 113–295, § 115(a), substituted “2013, and 2014” for “and 2013”

    Source evidence

    Code amendment note
    Subsec. (f)(1)(G). Pub. L. 113–295, § 115(a), substituted “2013, and 2014” for “and 2013”.

    Enacted provision · exact public law section
    (a) In General.— Subparagraph (G) of section 45D(f)(1) is amended by striking “and 2013” and inserting “2013, and 2014”.

15. 2014

    Tax Increase Prevention Act of 2014

    Pub. L. 113–295 § 115(b) · 128 Stat. 4010

    Substituted · 26 U.S.C. § 45D(f)(3)

    Pub. L. 113–295, § 115(b), substituted “2019” for “2018”

    Source evidence

    Code amendment note
    Subsec. (f)(3). Pub. L. 113–295, § 115(b), substituted “2019” for “2018”.

    Enacted provision · exact public law section
    (b) Carryover of Unused Limitation.— Paragraph (3) of section 45D(f) is amended by striking “2018” and inserting “2019”.

16. 2015

    Department of Transportation Appropriations Act, 2016

    Pub. L. 114–113 § 141(a) · 129 Stat. 2242

    Substituted · 26 U.S.C. § 45D(f)(1)(G)

    Pub. L. 114–113, § 141(a), substituted “for each of calendar years 2010 through 2019” for “for 2010, 2011, 2012, 2013, and 2014”

    Source evidence

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

    Enacted provision · exact public law section
    Sec. 141. The limitations on obligations for the programs of the National Highway Traffic Safety Administration set in this Act shall not apply to obligations for which obligation authority was made available in previous public laws but only to the extent that the obligation authority has not lapsed or been used.

17. 2015

    Department of Transportation Appropriations Act, 2016

    Pub. L. 114–113 § 141(b) · 129 Stat. 2242

    Substituted · 26 U.S.C. § 45D(f)(3)

    Pub. L. 114–113, § 141(b), substituted “2024” for “2019”

    Source evidence

    Code amendment note
    Subsec. (f)(3). Pub. L. 114–113, § 141(b), substituted “2024” for “2019”.

    Enacted provision · exact public law section
    Sec. 141. The limitations on obligations for the programs of the National Highway Traffic Safety Administration set in this Act shall not apply to obligations for which obligation authority was made available in previous public laws but only to the extent that the obligation authority has not lapsed or been used.

18. 2018

    Energy and Water Development and Related Agencies Appropriations Act, 2018

    Pub. L. 115–141 § 401(a)(18) · 132 Stat. 348

    Inserted · 26 U.S.C. § 45D(f)(1)(F)

    Pub. L. 115–141, § 401(a)(18), inserted “, and” at end

    Source evidence

    Code amendment note
    Subsec. (f)(1)(F). Pub. L. 115–141, § 401(a)(18), inserted “, and” at end.

    Enacted provision · exact public law section
    Sec. 401. The Nuclear Regulatory Commission shall comply with the July 5, 2011, version of Chapter VI of its Internal Commission Procedures when responding to Congressional requests for information.

19. 2018

    Energy and Water Development and Related Agencies Appropriations Act, 2018

    Pub. L. 115–141 § 401(d)(4)(B)(iii) · 132 Stat. 348

    Substituted · 26 U.S.C. § 45D(h)

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

    Source evidence

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

    Enacted provision · exact public law section
    Sec. 401. The Nuclear Regulatory Commission shall comply with the July 5, 2011, version of Chapter VI of its Internal Commission Procedures when responding to Congressional requests for information.

20. 2019

    Department of Transportation Appropriations Act, 2020

    Pub. L. 116–94 § 141(a) · 133 Stat. 2534

    Added · 26 U.S.C. § 45D(f)(1)(H)

    Pub. L. 116–94, § 141(a), added subpar. (H)

    Source evidence

    Code amendment note
    Subsec. (f)(1)(H). Pub. L. 116–94, § 141(a), added subpar. (H).

    Enacted provision · exact public law section
    Sec. 141. The limitations on obligations for the programs of the National Highway Traffic Safety Administration set in this Act shall not apply to obligations for which obligation authority was made available in previous public laws but only to the extent that the obligation authority has not lapsed or been used.

21. 2019

    Department of Transportation Appropriations Act, 2020

    Pub. L. 116–94 § 141(b) · 133 Stat. 2534

    Substituted · 26 U.S.C. § 45D(f)(3)

    Pub. L. 116–94, § 141(b), substituted “2025” for “2024”

    Source evidence

    Code amendment note
    Subsec. (f)(3). Pub. L. 116–94, § 141(b), substituted “2025” for “2024”.

    Enacted provision · exact public law section
    Sec. 141. The limitations on obligations for the programs of the National Highway Traffic Safety Administration set in this Act shall not apply to obligations for which obligation authority was made available in previous public laws but only to the extent that the obligation authority has not lapsed or been used.

22. 2020

    Department of Commerce Appropriations Act, 2021

    Pub. L. 116–260 § 112(a) · 134 Stat. 1182

    Substituted · 26 U.S.C. § 45D(f)(1)(H)

    Pub. L. 116–260, § 112(a), substituted “for each of calendar years 2020 through 2025” for “2020”

    Source evidence

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

    Enacted provision · exact public law section
    Sec. 112. The Waiver authority. Secretary of Commerce, or the designee of the Secretary, may waive the matching requirements under sections 306 and 306A, and the cost sharing requirements under section 315, of the Coastal Zone Management Act of 1972 (16 U.S.C. 1455, 1455a, and 1461) as necessary for amounts made available under this Act under the heading “Operations, Research, and Facilities” under the heading “National Oceanic and Atmospheric Administration”.

23. 2020

    Department of Commerce Appropriations Act, 2021

    Pub. L. 116–260 § 112(b) · 134 Stat. 1182

    Substituted · 26 U.S.C. § 45D(f)(3)

    Pub. L. 116–260, § 112(b), substituted “2030” for “2025”

    Source evidence

    Code amendment note
    Subsec. (f)(3). Pub. L. 116–260, § 112(b), substituted “2030” for “2025”.

    Enacted provision · exact public law section
    Sec. 112. The Waiver authority. Secretary of Commerce, or the designee of the Secretary, may waive the matching requirements under sections 306 and 306A, and the cost sharing requirements under section 315, of the Coastal Zone Management Act of 1972 (16 U.S.C. 1455, 1455a, and 1461) as necessary for amounts made available under this Act under the heading “Operations, Research, and Facilities” under the heading “National Oceanic and Atmospheric Administration”.

24. 2025

    Pub. L. 119–21 § 70423(a) · 139 Stat. 235

    Substituted · 26 U.S.C. § 45D(f)(1)(H)

    Pub. L. 119–21, § 70423(a), substituted “for each calendar year after 2019” for “for for each of calendar years 2020 through 2025”

    Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (f)(1)(H). Pub. L. 119–21, § 70423(a), substituted “for each calendar year after 2019” for “for for each of calendar years 2020 through 2025”.

    Effective date note
    Pub. L. 119–21, title VII, § 70423(c), July 4, 2025, 139 Stat. 235, provided that: “The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2025.”

25. 2025

    Pub. L. 119–21 § 70423(b) · 139 Stat. 235

    1. Amended · 26 U.S.C. § 45D(f)(3)

       Pub. L. 119–21, § 70423(b), designated first sentence as subpar. (A)

    2. Inserted · 26 U.S.C. § 45D(f)(3)

       Pub. L. 119–21, § 70423(b), inserted heading

    3. Added · 26 U.S.C. § 45D(f)(3)

       Pub. L. 119–21, § 70423(b), added subpar. (B)

    4. Struck · 26 U.S.C. § 45D(f)(3)

       Pub. L. 119–21, § 70423(b), struck out former second sentence which read as follows: “No amount may be carried under the preceding sentence to any calendar year after 2030.”

    Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (f)(3). Pub. L. 119–21, § 70423(b), designated first sentence as subpar. (A) and inserted heading, added subpar. (B), and struck out former second sentence which read as follows: “No amount may be carried under the preceding sentence to any calendar year after 2030.”

    Effective date note
    Pub. L. 119–21, title VII, § 70423(c), July 4, 2025, 139 Stat. 235, provided that: “The amendments made by this section [amending this section] shall apply to calendar years beginning after December 31, 2025.”

24 of 29 references resolved to an enrolled provision · 5 unresolved