Representatives Terri Sewell (D-AL) and Tom Reed (R-NY) introduced legislation to extend and increase the New Markets Tax Credit (NMTC). The New Markets Stabilization Act would increase the NMTC allocation by $3.5 billion over four years, allow investors to carry back those credits for five years, exempt the NMTC from the 75 percent general business credit limitation, permanently exempt the NMTC from the alternative minimum tax and provide relief from certain debt modification rules for NMTC issuers and borrowers. The NMTC expires at the end of this year, although the calendar-year 2020 round will be allocated next summer.