New Report Released on the New Markets Tax CreditThe 2015 NMTC Progress Report shows the continued success of the NMTC in revitalizing communities.
Over 1,600 Call on Congress to Make New Markets Permanent as Tax Reform Heats UpBusinesses, investors and organizations sign letter urging Congress to extend the expired community and economic development tax credit before they leave Washington
House Bill Would Make New Markets Tax Credit PermanentReps. Tiberi (R-OH), Neal (D-MA), and Reed (R-NY) Lead Bipartisan Call to Make Federal Tax Credit Permanent
State Fact Sheets and Economic Impact ReportsLearn more about the NMTC's impact in all 50 states and the District of Columbia.
Bipartisan Senate Extension Legislation IntroducedSenators Blunt (R-MO) and Schumer introduce legislation to preserve and expand the New Markets Tax Credit.
From the Blog
- Governor Nathan Deal and Congressman Rick Allen Attend Premium Peanut Ribbon Cutting
- Senator Crapo Visits NMTC-Financed Hemming Cedars
- Rivera Beach Marina Village Promises to Transform the Distressed Waterfront
- Selected Community Development Tax Changes – FY 2017
- President Obama Once Again Joins Leaders in Both Parties Urging Permanent Expanded NMTC
About the NMTC
The New Markets Tax Credit (NMTC) was originally authorized in 2000 as part of a bipartisan collaboration between a Democratic President and Republican Congress. 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.
Bipartisan Praise for Five Year Extension of the NMTC
Congressman Tom Reed (R-NY)"We care about making sure smaller cities and rural areas, like the areas we represent, have access to the capital and investments necessary for their community and residents to thrive. It's only fair they have access to the resources they need and the NMTC is helping to fill this gap. Look no further than Hornell, New York to see the real and positive impacts this program can have right here in our back yard. With the support of local residents and businesses, the Y conducted a successful fundraising campaign, but they were still nearly $2 million short of the total project cost of $6.2 million. NMTC financing filled the gap, making the new facility a reality. We were glad to see the project get underway and hope there will be many more like it in the future."
Senator Roy Blunt (R-MO)"The New Markets Tax Credit Program has a history of success nationwide and this extension is a huge step in the right direction. In Missouri, the NMTC has made a real difference in economically distressed communities, including financing for the first new grocery store in the Pagedale community in 40 years, expanding and helping improve the operation of a number of manufacturing businesses, and filling in the funding gap for the construction of 65 home ownership units in a St. Louis neighborhood with very high unemployment."
Senator Chuck Schumer (D-NY)"This long-term extension of the New Markets Tax Credit (NMTC) Program is a major win for community revitalization, job creation, and economic development throughout New York State. The NMTC Program has already provided critical funding to important projects throughout New York, like the expansion of Roswell Park Cancer Institute's Clinical Sciences Center in downtown Buffalo. Now, with this five-year extension, communities from Rochester to Albany and New York City to Niagara Falls can continue to access this important financing tool for years to come."
Congressman Richard E. Neal (D-MA)"The New Markets Tax Credit (NMTC) spurs economic development, encourages private investment, and creates jobs. This important and popular initiative has generated more than $70 billion in capital for projects in economically stressed areas across the United States. It produces substantial investment in struggling communities that otherwise would be ignored. That is why I remain such an outspoken supporter of the program. In my opinion, extending the NMTC is a proven tool to help rebuild America and create jobs."
Congressman Pat Tiberi (R-OH)"The New Markets Tax Credit is a powerful tool that uses public-private partnerships to revitalize economically stressed areas and encourage job creation. In Ohio alone, the tax credit has helped create more than 30,000 construction jobs and 12,000 full-time jobs. I've seen first-hand the positive impact the projects financed through the NMTC program have in turning around struggling neighborhoods, and I am pleased that extending this tax credit means more communities will benefit."
Senator Ben Cardin (D-MD)"The New Markets Tax Credit (NMTC) spurs economic development, encourages private investment, and creates jobs. This important and popular initiative has generated more than $70 billion in capital for projects in economically stressed areas across the United States. It produces substantial investment in struggling communities that otherwise would be ignored. That is why I remain such an outspoken supporter of the program. In my opinion, extending the NMTC is a proven tool to help rebuild America and create jobs."
Communities, Businesses, Nonprofits and Others Interested in the NMTC
Do you have a great project in a low income community that is in need of NMTC allocation? We recommend first watching our "How It Works" video (to the right).
The next step is to check the CDFI Fund's mapping site to see if your project is in an eligible census tract.
Finally, check to see which Community Development Entities serving your area have remaining NMTC allocation.
How It Works
Browse our video vault, featuring case studies, Congressional testimony, hearings, and events.