Broad Support for the New Markets Tax Credit

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In 2012 during the successful New Markets Tax Credit extension campaign, over one thousand businesses, coalitions, nonprofits, developers, financial institutions, local governments, and other stakeholders joined together to tell Congress one thing: extend the New Markets Tax Credit! Below you will find our present and previous sign-on letters in support of an extension of the NMTC.

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Text of the 2012 Extension Sign-On Letter:

Dear Members of Congress:

We write to urge your support for the renewal of the popular New Markets Tax Credit (NMTC).  New Markets was established in 2000 by a bipartisan coalition of lawmakers.  Over the last decade, the Credit has served as an effective tool in promoting private sector investments that spur entrepreneurship, job creation, and revitalization in economically distressed urban and rural communities.

In Fiscal Year 2010, the Credit created over 70,000 jobs including 37,000 construction jobs and generated $9.5 billion in private sector investments, an unprecedented level of private sector funding in communities and neighborhoods with high levels of poverty and unemployment.    With a fragile economic recovery underway, now is not the time to cut off this critical source of investment capital in communities that are just beginning to turn the corner.

The Credit expired on December 31, 2011, but it can still be extended, ensuring the uninterrupted flow of capital into recovering communities.  The NMTC has a proven track record of creating private sector jobs.   Failure to renew the Credit is a risky move at a time when the economy teeters precariously close to a real recovery.  We urge Congress to extend the New Markets Tax Credit as soon as possible.

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