Sen. Jay Rockefeller (D-W.V.) has introduced legislation (S. 1583) that would extend the New Markets Tax Credit for five years and provide $5 billion in annual NMTC allocation authority. The NMTC is currently set to expire at the end of 2009. The bill provides an additional incentive by permitting the NMTC to offset the alternative minimum tax. The House of Representatives introduced similar legislation in May (HR 2628). Read More…
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