NMTC Coalition Launches Cosponsorship Drive

NH&RA urges members and other interested parties to support legislation to make the New Markets Tax Credit permanent as well as increase annual allocation authority. The following information and resources for how you can help comes from the NMTC Coalition:

HOUSE: Reed (R-NY) and Neal (D-MA) Circulate Dear Colleague Requesting Cosponsors on H.R. 1098

As you know, our longtime champion in the House, Pat Tiberi (R-OH), left Congress on January 15th. Tom Reed (R-NY) has taken over as the Republican lead of the New Markets Tax Credit Extension Act (H.R. 1098). This week, Reed and his co-lead on the bill, Ways and Means Committee Ranking Member Richard Neal (D-MA), circulated a Dear Colleague requesting additional cosponsors.

Tax reform is in the rear view mirror, but H.R. 1098 will remain in play until the end of the 115th Congress, which comes to a close December 31st. Until then, the bill will remain a vehicle for members of the House to indicate support for a permanent, expanded NMTC.

Please contact your members of Congress and renew your request for cosponsorship of H.R. 1098. The coming months are a great chance to build support for a permanent extension and to educate new members on the benefits of the NMTC and the projects financed in their districts.

NMTC-supporters are encouraged to contact any Congressional office not yet on the list of H.R. 1098 cosponsors. However, we have also prepared a target list of members of the House who weighed-in to support the NMTC in the past, but are not yet cosponsors:

Current H.R. 1098 cosponsorship list

SENATE: Ask Your Republican Senator to Cosponsor S. 384, Reach Out to New Democratic Senators

Like H.R. 1098, the Blunt/Cardin extension bill (S. 384) remains in play until the 115th Congress adjourns. The Senate leads on the bill wish to keep it balanced between the two parties, so we are targeting Republican senators.

We encourage you to contact any Republican senators who have yet to cosponsor S. 384. Our top targets are:

  • Murkowski (R-AK),
  • Shelby (R-AL)
  • Gardner (R-CO)
  • Cassidy (R-LA)
  • Kennedy (R-LA)
  • Isakson (R-GA)
  • Crapo (R-ID)
  • Collins (R-ME)
  • Hoeven (R-ND)
  • Heller (R-NV)
  • Scott (R-SC)

We also urge you to reach out to recently elected Democrats who may be less familiar with the program. Instead of making a cosponsorship request, we encourage you to provide them with information on your projects and let them know that the NMTC expires at the end of 2019. These offices include:

Below is a spreadsheet with contact information for all Senate tax staffers:

Current S. 384 cosponsor list

REMINDER: The NMTC Coalition’s 2018 Survey is Open

The NMTC Coalition’s annual survey of NMTC projects is open. The survey concerns NMTC transaction activity from 2017, and we are very excited to hear how the industry deployed the Super Round last year. If you did not finance a project or issue a Qualified Equity Investment in 2017, you can still participate the survey. For example, we are seeking industry feedback and priorities on the early stages of the new Opportunity Zone program.

We really appreciate your participation in this survey. Survey responses will help the NMTC Coalition continue to make the case for NMTC permanency this summer when we release the 2018 NMTC Progress Report.  If you are not a CDE, you can still help by encouraging your clients or colleagues in the CDE world to participate.

Please contact Paul Anderson (paul@rapoza.org) if you have any questions or you get stuck on a question. The deadline for responses is March 30, 2018. 

You can find all of the survey materials at the link below.

The survey is open to both members and non-members of the NMTC Coalition.