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House Committee on Ways and MeansIntroducedDecember 12th, 2013
TaxesBill Details
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Title
Manufacturing Communities Investment Act
Official Title
To amend the Internal Revenue Code of 1986 to extend the new markets tax credit and provide designated allocations for areas impacted by a decline in manufacturing.
Summary
Manufacturing Communities Investment Act - Amends the Internal Revenue Code, with respect to the new markets tax credit, to: (1) increase to $5 billion and extend through 2016 the national limitation amount for such credit, and (2) allow an additional $1 billion allocation of such credit in 2014, 2015, and 2016, for a qualified community development entity only if a significant mission of such entity is providing investments and services to manufacturing businesses in communities that have suffered major manufacturing job losses or a major job loss event.