This bill permanently extends the New Markets Tax Credit (NMTC) by amending the Internal Revenue Code of 1986, removing its previous expiration date and ensuring its continued availability beyond 2025. To maintain its economic impact, the legislation introduces an inflation adjustment for the credit amount, applicable to calendar years beginning after 2025. Additionally, the bill provides significant alternative minimum tax (AMT) relief , allowing the NMTC to offset AMT liability for qualified equity investments made after December 31, 2024. These amendments, including the permanent extension and inflation adjustment, are generally effective for taxable years beginning after December 31, 2024.