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139 STAT. 235 PUBLIC LAW 119–21—JULY 4, 2025 ‘‘(bb) provide the financing for not less than 5 percent of the aggregate basis of such building and the land on which the building is located.’’. (2) EFFECTIVE DATE.— (A) IN GENERAL.—The amendment made by this sub- section shall apply to buildings placed in service in taxable years beginning after December 31, 2025. (B) REHABILITATION EXPENDITURES TREATED AS SEPA- RATE NEW BUILDING.—In the case of any building with respect to which any expenditures are treated as a separate new building under section 42(e) of the Internal Revenue Code of 1986, for purposes of subparagraph (A), both the existing building and the separate new building shall be treated as having been placed in service on the date such expenditures are treated as placed in service under section 42(e)(4) of such Code. SEC. 70423. PERMANENT EXTENSION OF NEW MARKETS TAX CREDIT. (a) IN GENERAL.—Section 45D(f)(1)(H) is amended by striking ‘‘for for each of calendar years 2020 through 2025’’ and inserting ‘‘ for each calendar year after 2019’’. (b) CARRYOVER OF UNUSED LIMITATION.—Section 45D(f)(3) is amended— (1) by striking ‘‘If the’’ and inserting the following: ‘‘(A) IN GENERAL.—If the’’, and (2) by striking the second sentence and inserting the fol- lowing: ‘‘(B) LIMITATION.—No amount may be carried under subparagraph (A) to any calendar year afer the fifth cal- endar year after the calendar year in which the excess described in such subparagraph occurred. For purposes of this subparagraph, any excess described in subparagraph (A) with respect to any calendar year before 2026 shall be treated as occurring in calendar year 2025.’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to calendar years beginning after December 31, 2025. SEC. 70424. PERMANENT AND EXPANDED REINSTATEMENT OF PAR- TIAL DEDUCTION FOR CHARITABLE CONTRIBUTIONS OF INDIVIDUALS WHO DO NOT ELECT TO ITEMIZE. (a) IN GENERAL.—Section 170(p) is amended— (1) by striking ‘‘$300 ($600’’ and inserting ‘‘$1,000 ($2,000’’, and (2) by striking ‘‘beginning in 2021’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025. SEC. 70425. 0.5 PERCENT FLOOR ON DEDUCTION OF CONTRIBUTIONS MADE BY INDIVIDUALS. (a) IN GENERAL.— (1) IN GENERAL.—Paragraph (1) of section 170(b) is amended by adding at the end the following new subparagraph: ‘‘(I) 0.5-PERCENT FLOOR.—Any charitable contribution otherwise allowable (without regard to this subparagraph) as a deduction under this section shall be allowed only to the extent that the aggregate of such contributions exceeds 0.5 percent of the taxpayer’s contribution base 26 USC 170 note. 26 USC 45D note. 26 USC 42 note.