S. 4584

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4584 Introduced in Senate (IS)]

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119th CONGRESS
2d Session
S. 4584

To amend the Internal Revenue Code of 1986 to expand the new markets 
tax credit, and for other purposes.

_______________________________________________________________________

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.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Norma Ruth Criswell Carpenter & 
Clovis C. Criswell Grant Parish Restoration Act of 2026''.

SEC. 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.

SEC. 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.
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