Highlights from Select Revenue Hearing on Tax Extenders

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Reps. Pat Tiberi (R-OH), Jim Gerlach (R-PA), Erik Paulsen (R-MN), Richard Neal (D-MA), Jim Costa (D-CA), and John Larson (D-CT) urged extension of the New Markets Tax Credit

At the behest of Reps. Pat Tiberi (R-OH) and Richard Neal (D-MA), the House Select Revenue Subcommittee of Ways and Means held a Members hearing on Thursday, April 26, 2012 to review dozens of tax provisinos that either expired last year or expire this year. The hearing provided a formal opportunity for the Subcommittee to hear from House colleagues about the merits of extending – or not extending – many of the tax extenders. The Senate Finance Committee held a similar hearing in February.

Six members of the Ways and Means Committee – including three Republicans and three Democrats – were effusive in their praise of the New Markets Tax Credit in their written and/or oral statements. In fact, New Markets was one of the more popular credits examined during the hearing. For example, Rep. Jim Gerlach (R-PA), said that the New Markets Tax Credit has “a proven track record of creating jobs, spurring investment and enhancing the quality of life.”

  • Read selected statements from the Hearing support of the New Markets Tax Credit
  • The deadline for written testimony is Thursday, May 10, 2012. Follow these instructions to submit written testimony.

This hearing was important step forward for extension of the NMTC.