New Markets Tax Credit Extended for Two Years
Posted by NMTC Coalition on Jan 2, 2013 in Blog, Featured, Latest News, Slideshow | 0 comments
On January 1, 2013, the House of Representatives passed The American Taxpayer Relief Act (H.R. 8), by a vote of 257-167. The package includes extension of New Markets Tax Credits for 2012 and 2013 at $3.5 billion in annual credit authority.
This was an important step by Congress to ensure the continued flow of billions in capital to credit-starved businesses in our nation’s most distressed urban and rural communities.
Read more about the New Markets Tax Credit:
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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.