S4584Referred to Committee

Norma Ruth Criswell Carpenter & Clovis C. Criswell Grant Parish Restoration Act of 2026

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-05-20
Introduced
0
Cosponsors
S
ⓘ
Type

Sponsor

Bill Cassidy
Bill Cassidy
Republican · LA · Senator
Votes with party: 33.4% (299 recorded votes)

Full profile: /officials/C001075

Source: Congress.gov · FEC

Cosponsors (0)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Finance.

2026-05-20

Source: Congress.gov

Committee Activity

Currently in

Plain-English Summary

The bill would make it easier for investors to get tax breaks when they put money into businesses and projects in low-income communities that lack access to capital. By expanding the new markets tax credit, the legislation aims to encourage investment in economically disadvantaged areas, potentially creating jobs and spurring development in neighborhoods that need it most. Investors, community development organizations, and residents of underserved areas would be the primary groups affected by these changes.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Taxation

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

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