This bill aims to expand the reach of the New Markets Tax Credit (NMTC) by adjusting the definitions of eligible low-income communities, thereby making it easier for certain rural and federally-impacted areas to qualify for the credit. It modifies the Internal Revenue Code to stimulate investment in economically distressed areas with unique demographic or land ownership challenges. One key provision excludes institutionalized populations when determining whether a rural county qualifies as a high migration rural county for NMTC purposes, providing a more accurate representation of the resident population. Another significant amendment lowers the poverty rate threshold from 20% to 15% for census tracts in counties where at least 30% of the land is federally owned, specifically excluding military installations and tribal trust lands. These changes apply to investments made after the bill's enactment or after December 31, 2025, depending on the specific provision.