Our new report, The New Markets Tax Credit: At Work in Communities Across America, features ninety-two NMTC success stories from all fifty states plus the District of Columbia.
Leaders in in both the House and Senate have introduced legislation that would permanently extend the NMTC and enhance the potential impact of the Credit by increasing the annual NMTC allocation.
HOUSE EXTENSION BILL:
Fact sheet, cosponsors, and more information on HR 4365.
SENATE EXTENSION BILL:
Fact sheet, cosponsors, and more information on S 1133.
About the NMTC
The New Markets Tax Credit (NMTC) was originally authorized in 2000 as part of a bipartisan collaboration between President Clinton and Speaker Hastert (R-IL). The idea behind the NMTC is that there are good business opportunities in urban and rural low-income communities, but the cost and availability of capital in these "New Markets" is an impediment to economic growth. NMTC employs a modest federal subsidy to stimulate private sector investment in these communities through a delivery system of private for-profit and nonprofit entities that provides patient, flexible capital to businesses and projects.
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From the Blog
- CRS report on expired economic development tax provisions October 23, 2014
- Broad Tax Extenders Coalition sign-on letter open for signatures October 8, 2014
- Chairman Wyden’s Statement on Tax Extenders September 15, 2014
- Chairman Wyden Highlights Success of NMTC Investment in Albina Head Start August 27, 2014
- New Market Tax Credit Reports Ignore Success August 11, 2014
Browse our video vault, featuring case studies, Congressional testimony, hearings, and events.