Norma Ruth Criswell Carpenter & Clovis C. Criswell Grant Parish Restoration Act of 2026
- Bill Number
- S. 4584
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Taxation
- Status
- Introduced
- Latest Action
- 2026-05-20: Read twice and referred to the Committee on Finance.
- Last Updated
- 2026-06-01T22:58:44Z
AI-Generated Summary
Purpose This legislation amends the Internal Revenue Code of 1986 to expand eligibility for the New Markets Tax Credit in certain rural counties, with the goal of encouraging investment in designated low-income communities.
Key Provisions
- Section 1 names the bill the "Norma Ruth Criswell Carpenter & Clovis C. Criswell Grant Parish Restoration Act of 2026."
- Section 2 modifies the definition used for high-migration rural counties by excluding individuals in institutionalized group quarters from population counts when determining eligibility.
- Section 3 adds a new rule for counties where the federal government owns at least 30 percent of the land as of December 31, 2025. In these areas, the poverty threshold for qualifying low-income communities is lowered from 20 percent to 15 percent. Military installations and federal lands held in trust for Native American tribes are excluded from the federal land calculation.
Significant Changes to Existing Law The bill alters Section 45D(e) of the Internal Revenue Code. It introduces an exclusion for institutionalized populations in migration calculations and creates a new category of qualifying tracts based on federal land ownership, reducing the poverty rate requirement in affected counties.
Potential Impacts
- Government agencies: The Internal Revenue Service would administer expanded tax credit claims; the Bureau of the Census data would be used with the new exclusion.
- Citizens and communities: Businesses and residents in qualifying rural counties could see increased private investment through the tax credit.
- International relations: No direct effects identified.
Main Stakeholders Affected
- Investors and community development entities claiming the New Markets Tax Credit.
- Residents and businesses in high-migration rural counties and counties with substantial federal land ownership.
- Local governments in those counties seeking economic development.
Notable Legal, Constitutional, or Political Implications The changes refine the statutory definition of low-income communities for tax purposes without altering broader constitutional authority over taxation. The bill applies prospectively, with different effective dates for each provision.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Recent Actions
- 2026-05-20: Read twice and referred to the Committee on Finance.
- 2026-05-20: Introduced in Senate
Bill Versions
- Norma Ruth Criswell Carpenter & Clovis C. Criswell Grant Parish Restoration Act of 2026 — issued 2026-05-20