Quick update on the President’s FY 2017 Budget.
The Treasury’s Greenbook – which describes revenue proposals – has not yet been released, but the budget narrative includes the following language calling for a permanent NMTC extension at $5 billion in annual authority:
“To support private-sector partnerships and investments that play a key role in strengthening communities, the President also proposed to expand and make permanent the New Markets Tax Credit, which promotes investments in low-income communities. Under legislation signed into law by President Obama in December, $3.5 billion in New Markets Tax Credits will be available annually through 2019. The Budget would make the program permanent with an annual allocation of $5 billion.”
Kudos to President Obama for his continued support for the NMTC and the CDFI Fund, which also received an increase in the FY 2017 budget.