1. Short title This Act may be cited as the New Markets Stabilization Act . 2. Improvements to new markets tax credit (a) Additional allocations (1) In general Section 45D(f)(1) of the Internal Revenue Code of 1986 is amended by striking subparagraphs (G) and (H) and inserting the following new subparagraphs: (G) $3,500,000,000 for each of calendar years 2010 through 2018, (H) $4,000,000,000 for calendar year 2019, (I) $7,000,000,000 for calendar year 2020, (J) $6,500,000,000 for calendar year 2021, and (K) $5,500,000,000 for calendar year 2022. . (2) Conforming amendment Section 45D(f)(3) of such Code is amended by striking 2025 and inserting 2027 . (3) Special rule for allocations of increased 2019 and 2020 limitation The amount of the increase by reason of the amendments made by paragraph (1) in the new markets tax credit limitation for calendar year 2019 and the amount of such increase for calendar year 2020 shall each be allocated in accordance with section 45D(f)(2) of the Internal Revenue Code of 1986 to qualified community development entities (as defined in section 45D(c) of such Code) which— (A) submitted an allocation application with respect to the calendar year to which such increase relates, and (B) (i) did not receive an allocation with respect to such calendar year, or (ii) received an allocation for such calendar year in an amount less than the amount requested in the allocation application. (b) Permanent allowance of credit against alternative minimum tax (1) In general Section 38(c)(4)(B) of the Internal Revenue Code of 1986 is amended clauses (vii) through (xii) as clauses (viii) through (xiii), respectively, and by inserting after clause (vi) the following new clause: (vii) the credit determined under section 45D to the extent attributable to qualified equity investments originally issued after the date of the enactment of this clause, . (2) Effective date The amendments made by this subsection shall apply to taxable years ending after the date of the enactment of this Act. (c) Credit