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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.
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.
From the Blog
- Congress Takes Steps to Secure Future of New Markets Tax Credit April 4, 2014
- Tell Your Representatives to Cosponsor the Gerlach/Neal NMTC Extension Bill (HR. 4365) April 3, 2014
- House Target Lists – HR 4365 April 2, 2014
- Chairman Camp’s Memo on Tax Extenders March 25, 2014
- NMTC Coalition Comment Letter March 18, 2014
Browse our video vault, featuring case studies, Congressional testimony, hearings, and events.