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.
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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.
Extension CampaignIn June of 2013, Senators Jay Rockefeller (D-WV) and Roy Blunt (R-MO) introduced NMTC extension legislation. The New Markets Tax Credit Act of 2013 (S. 1133) would extend the Credit indefinitely by making it a permanent part of the Internal Revenue Code, and enhance the potential impact of the Credit by increasing the annual NMTC allocation.
From the Blog
- Rep. Neal Commends White House for Support for NMTC in FY 2015 Budget March 7, 2014
- Businesses, Community Leaders Call On Congress to Keep New Markets Tax Credit March 6, 2014
- Omission in Camp Tax Draft Could Cost Communities and Jobs February 26, 2014
- Sign-on to support an extension of the NMTC February 12, 2014
- Jack Kemp and Poverty February 7, 2014
Browse our video vault, featuring case studies, Congressional testimony, hearings, and events.