This legislation aims to make the New Markets Tax Credit (NMTC) a permanent provision of the Internal Revenue Code, extending its availability indefinitely beyond its current expiration. It specifically amends Section 45D(f)(1)(H) to ensure the credit applies to calendar year 2020 and every calendar year thereafter. A key feature of the bill is the introduction of an inflation adjustment for the NMTC dollar amount, which will begin in 2026 to help maintain the credit's value over time. This adjustment will be rounded to the nearest multiple of $1,000,000. Furthermore, the bill provides significant alternative minimum tax (AMT) relief by allowing the NMTC to offset AMT liability. This relief specifically applies to credits determined with respect to qualified equity investments made after December 31, 2024. The amendments generally take effect for taxable years beginning after December 31, 2024, ensuring the permanent extension and new provisions are implemented promptly.