New Markets Tax Credit Briefing Highlights Credit’s Success in Rural and Urban Communities

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FOR IMMEDIATE RELEASE March 23, 2017 Contact: Ayrianne Parks ayrianne@rapoza.org (202) 393-5225 NMTC Practitioners Present on NMTC Projects that Leverage Private Investment in Economically Distressed Communities, Expand Businesses and Create Jobs Washington, D.C. –The NMTC Coalition hosted a briefing on Capitol Hill yesterday to share information on the impact of the New Markets Tax Credit (NMTC) in rural and urban communities. Leading the event was Robert W. Davenport, President of NMTC Coalition and Special Advisor to National Development Council.  Longtime NMTC champion and original cosponsor of the New Markets Tax Credit Extension Act of 2017 (HR 1098), Congressman Tom Reed, provided opening remarks. The event featured a video explaining the mechanics of the NMTC and four presentations by NMTC Coalition Board Members on projects from NMTC at Work in Communities Across…
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House and Senate Members Move to Make New Markets Tax Credit Permanent

House and Senate Members Move to Make New Markets Tax Credit Permanent

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Bipartisan Call to Make Federal Tax Credit Permanent that Leverages Private Investment in Economically Distressed Communities, Expands Businesses and Creates Jobs Washington, D.C. –Legislation was introduced in the House and Senate to secure the future of the New Markets Tax Credit (NMTC). Congressman Pat Tiberi (R-OH) and two colleagues on the House Ways and Means Committee, Congressmen Tom Reed (R-NY) and Richard Neal (D-MA), the Ranking Member on the committee, introduced the House bill. They were joined by 19 of their colleagues.  In the Senate, the bill was introduced by Senators Blunt (R-MO) and Cardin (D-MD). The bills, both titled The New Markets Tax Credit Extension Act of 2017, respectively H.R. 1098 and S. 384, would ensure that rural communities and urban neighborhoods left outside the economic mainstream have access…
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Some 2,000 Businesses, Banks and Nonprofits Call for New Markets Permanency

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Businesses, investors and organizations sign letter urging Congress to make the community and economic development tax credit permanent  Washington, D.C. –Today some 2,000 groups that have seen the New Markets Tax Credit at work in their communities sent a letter to Congress, calling on it to enact legislation that provides a permanent authorization and expansion of the NMTC. Signatures came from every state and included community development organizations; nonprofit service providers; banks and credit unions; state and national trade associations and chambers of commerce, including the American Bankers Association and other groups representing thousands of members; affordable housing organizations; schools, universities and education nonprofits; city governments, state and local elected officials and agencies; and many other businesses, ranging from very large businesses to small, family-owned businesses. “This broad support is…
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Treasury Announces Record $7 billion in NMTC Award

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 Historic New Markets Tax Credit round will drive private-sector investment to communities left behind, growing businesses and creating jobs where they are needed most WASHINGTON, D.C. – The U.S. Department of the Treasury Secretary Jack Lew announced the Calendar Year 2015 and 2016 New Markets Tax Credit (NMTC) allocation awards today at Educare DC, an NMTC-financed project providing early childhood educational programs in Northeast Washington, D.C. NMTC allocations were awarded to 120 Community Development Entities (CDEs) from around the country. “The Coalition estimates that the latest round, based on analysis of more than 4,000 NMTC projects, will finance 844 businesses and revitalization projects and create some 166,000 jobs for people in communities left behind, adding to the NMTC’s long history of success,” said Bob Rapoza, spokesman for the NMTC Coalition.…
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Community Development Leaders Gather in Washington, DC to Discuss Tax Policy Trends and Plans for 2017

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NMTC Coalition brings together over 100 NMTC stakeholders for a policy conference and releases new report on the economic impact of the NMTC in 2015 On Wednesday, June 1st, the New Markets Tax Credit (NMTC) Coalition  held its New Markets Tax Credit Annual Policy Conference. The event featured the release of the new 2016 NMTC Progress Report—the twelfth edition of the report—and a luncheon keynote by the Treasury Department’s Community Development Financial Institutions (CDFI) Fund Director Annie Donovan. The NMTC Coalition’s Board President Robert Davenport, emceed the event.  A longtime NMTC practitioner and president of the National Development Council, he noted recent successes in improving access to credits for communities in need of economic revitalization. [caption id="attachment_7098" align="aligncenter" width="799"] NMTC Coalition President Bob Davenport welcomes attendees to the 2016 Policy…
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Chorus of Congressional Leaders Urges Permanency for Community Development Tax Credit

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Coalition submits testimony to Tax Policy Subcommittee, following a bipartisan letter signed by 55 Members of Congress WASHINGTON, D.C.— Today (May 23, 2016), the New Markets Tax Credit (NMTC) Coalition submitted testimony to the House Ways and Means Subcommittee on Tax Policy urging permanence for the credit. The subcommittee held a hearing last week, allowing Members of Congress to submit their proposals for tax legislation. Congressman Richard E. Neal (D-MA), Ranking Member on the subcommittee, as well as Congressman Mike Thompson (D-CA) expressed support for the NMTC during the hearing. The subcommittee is allowing testimony to be submitted for the record until Thursday, May 26th. Earlier this year, Speaker of the House Paul Ryan (R-WI) created six committee-led task forces, which are charged with "developing a bold, pro-growth agenda that will…
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Redevelopment That is More Than Just Building Up

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A special contribution by NMTC Coalition Board Member, Shirley Boubert. The holiday season is a time when our nation reflects on the bounty we have received over the last year, a time to express gratitude, and also a time to remember those who are less fortunate. Many DC families help serve meals and participate in fundraisers for people in need during the holiday season, many needs remain throughout the year. To help address these issues, the District of Columbia Housing Authority is working to finance community development projects that meet the needs of our city. One of the ways we are doing this is by employing the New Markets Tax Credit (NMTC), which leverages private and public resources for a variety of projects in neighborhoods where access to capital is…
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NMTC Leaders Applaud 5-Year Extension of Community Development Tax Credit

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FOR IMMEDIATE RELEASE NMTC Leaders Applaud 5-Year Extension of Community  Development Tax Credit WASHINGTON, D.C.—Late last night, Congressional leaders and the White House came to an agreement on a tax extender deal, which includes permanency for a few provisions and two- to five-year extension for other expired or expiring tax credits. The New Markets Tax Credit (NMTC) received a long-term extension of five years (2015-2019) at its current level $3.5 billion annually. UPDATE: Congress passed the PATH Act and extended the NMTC for five years. “The federal New Markets Tax Credit has achieved great results since its implementation, creating nearly 750,000 jobs in economically distressed rural and urban communities and leveraging almost $75 billion in capital for businesses, and community services and facilities,” said Bob Rapoza, spokesperson for the NMTC…
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Bipartisan Support for Federal New Markets Tax Credit Grows

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Senate Finance Committee Includes Extension and Inflation Adjustment for NMTC WASHINGTON, D.C. –The Senate Finance Committee takes up tax extenders today, including action on the New Markets Tax Credit (NMTC). Signaling strong bipartisan support for this proven community development tool, Chairman Orrin Hatch (R-UT) released a modified Chairman’s mark this morning, which includes an amendment offered by Senator Cardin (D-MD) to increase the total NMTC allocation from $3.5 billion to $3.94 billion for 2015 and 2016. “The New Markets Tax Credit is a tested and proven economic development tool. However, inflation has reduced the NMTC by 12 percent from 2008 to 2015,” said Bob Rapoza, spokesman for the NMTC Coalition. “The amendment provides what amounts to an inflation adjustment—the first increase in a number of years. We are pleased the…
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Bipartisan Letter Signed by 55 House Members Urges Action on Federal New Markets Tax Credit

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A letter in support of the federal New Markets Tax Credit, signed by a bipartisan group of 55 Members of the House of Representatives, was sent to the Committee on Ways and Means today. The letter, led by Congressmen Mike Turner (R-OH) and Chaka Fattah (D-PA), urges Committee Chairman Paul Ryan (R-WI) and Ranking Member Sander Levin (D-MI) to take action to extend the NMTC, which notes the credit expired at the end of 2014. “The New Markets Tax Credit has generated an unprecedented level of investment in some of the poorest communities and neighborhoods in America,” said Bob Rapoza, spokesman for the NMTC Coalition. “What’s more, the federal credit has led to the creation nearly 750,000 jobs since inception.” The letter’s authors note, “Since 2003, the NMTC generated over…
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