On April 2, 2014, Representatives Jim Gerlach (R-PA) and Richard Neal (D-MA) introduced the New Markets Tax Credit Extension Act of 2014 (HR 4365). The bill would extend the NMTC indefinitely and provide an increase in allocation authority in 2014 with an adjustment for inflation in the off years. Like previous NMTC extension bills, it provides NMTC investors with AMT relief.
We encourage NMTC supporters to begin reaching out to your Representatives and requesting cosponsorship of HR 4365. We recommend that you target Members of the House Ways and Means Committee and Representatives who have supported the NMTC in some fashion in the past, whether by signing a letter or cosponsoring legislation.
Advocacy Action Steps:
Here are two ways you can help build support for the Gerlach/Neal bill:
1. Thank NMTC Supporters
As important as it is to build the House cosponsorship list, it is also important to let our House champions know that we appreciate their support. Reps Gerlach and Neal were joined by seven original cosponsors: Reps. Pat Tiberi (R-Ohio), Charles Rangel (D-N.Y.), John Lewis (D-Ga.), Jim McDermott (D-Wash.), Earl Blumenauer (D-Ore.), Tom Reed (R-N.Y.) and Mike Kelly (R-Pa.). Please take a moment to contact these offices and thank them for supporting the New Markets Tax Credit.
2. Contact Your Representatives and Urge Cosponsorship of HR. 4365
Please also take a moment to contact your Representatives and urge them to cosponsor HR 4365. If your Representative was a cosponsor of HR 2655 last year, be sure to thank them for cosponsoring last Congress (see last Congress’s HR 2655 cosponsorship list).