Senate Finance Committee Includes Two-Year Extension of NMTC in Tax Extenders Markup
On Thursday, August 2, 2012, the Senate Finance Committee marked up a tax extenders bill. The bill is the product of a compromise between Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT), and it includes a two-year extension of the New Markets Tax Credit at a level of $3.5 billion per year.
Senator Coburn submitted an amendment that would have prevented the use of the New Markets Tax Credit in combination with other grant programs and/or tax incentives like federal and state historic tax credits. The amendment failed 14-10.
The Committee ultimately approved the tax extenders bill by a vote of 19-5. The House is not expected to take action on tax extenders until after the election.