On February 10, 2015, Representatives Pat Tiberi (R-OH), Richard Neal (D-MA) and Tom Reed (R-NY) recently introduced the New Markets Tax Credit Extension Act of 2015 (HR 855), a bill that would permanently extend the New Markets Tax Credit (NMTC) program. HR 855 would also provide an annual inflation adjustment to allow NMTC to be taken against alternative minimum tax (AMT) liability. If enacted, the legislation would apply to each taxable year after December 31, 2014. HR 855 was referred to the House Committee on Ways and Means and companion legislation is expected to be introduced in the Senate in the coming weeks.
Click here to read the bill.
Click here to read more from the NMTC Coalition about how to advocate for the passage of this bill.
