Tax credit for distressed communities to expire without action: Guest opinion
By Cam Turner
With the end of the shutdown in Washington, D.C., many are speculating tax reform will be a priority. Let’s hope so: The New Markets Tax Credit (NMTC), which helps expand businesses and create jobs right here in Oregon, is set to expire December 31st if no action is taken.
During shutdown negotiations, Senate Majority Leader Reid suggested tax reform could be up for discussion as part of a larger budget deal once the government reopens. Congressional tax-writing committees have also resumed efforts to introduce legislation to reform the tax code. However, a new poll by Ernst & Young indicates only 20 percent of tax professionals believe tax reform will be completed by 2014.