Representative Pat Tiberi (R-OH), and Ranking Member of the Ways and Means Committee Richard Neal (D-MA) introduced legislation today that would make the New Markets Tax Credit a permanent program. Congressmen Tiberi and Neal were also responsible for a five year extension of the program as a provision in the PATH Act in 2015.
Senator Blunt (R-MO) introduced same-day legislation as well (S. 384) proposing “to permanently extend the new markets tax credit, and for other purposes”, but bill language was not available as of 2/16/17.
According to the CDFI Fund, in 2016 the NMTC was responsible for helping finance 530 businesses, community facilities, and economic revitalization projects, creating almost 11,000 permanent jobs and 27,000 construction jobs.
NH&RA applauds the legislation, which could provide long-term stability for an already proven successful program. For those interested in supporting the NMTC, visit the New Markets Tax Credit Coalition website.