Republican Tax Framework Leaves Economic Future of Distressed Communities in Uncertain Situation with Omission of the NMTC

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The Republican leadership released its tax reform framework but failed to include the New Markets Tax Credit, a proven tool for community revitalization and job creation in some of the poorest neighborhoods and communities in America Washington, D.C. –The NMTC Coalition was disappointed that the Republican Tax Framework released by Republican leadership left out the federal New Markets Tax Credit (NMTC) program. The NMTC, a credit with a history of strong bipartisan support, has a proven track record in driving private sector investment to economically distressed rural and urban communities, a point highlighted earlier this week with a public release of data on the impact of the NMTC from the U.S. Department of the Treasury’s CDFI Fund. “The New Markets Tax Credit began and continues to be a bipartisan effort…
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New Markets Tax Credit is a Big Deal for Strained Rural American Communities

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New Markets Tax Credit Coalition Report Highlights Data on NMTC Impact on Jobs and Investment in Rural Communities JULY 25,2017–WASHINGTON, D.C. –The New Markets Tax Credit (NMTC) Coalition, representing 150 finance and community development experts and practitioners nationwide, released a report today detailing an unprecedented level of private investment in rural communities around the United States. The NMTC has helped rural communities increase healthcare access, financing 107 rural healthcare facilities or clinics, totaling nearly $800 million in project costs between 2003 and 2014. “The New Markets Tax Credit has a long track record of delivering capital to our country’s most economically distressed urban and rural communities. In recent years, the credit’s rural impact has been especially important with increasingly diminished economic opportunity due to inadequate access to capital, depressing those…
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U.S. Sen. Steven Daines Sees the NMTC at Work during Tour of New Universal Athletic Headquarters in Bozeman

U.S. Sen. Steven Daines Sees the NMTC at Work during Tour of New Universal Athletic Headquarters in Bozeman

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BOZEMAN, Mont. – U.S. Senator Steven Daines toured the new corporate headquarters of Universal Athletic Services on Monday. Senator Daines was also joined by Bozeman Mayor Carson Taylor and Bozeman Director of Economic Development Brit Fontenot for a press conference following the tour that was hosted by Universal Athletic Services and Montana & Idaho Community Development Corporation. The purchase and rehabilitation of the new facility was made possible through the use of the New Markets Tax Credit (NMTC) Program, a federal program operated by the CDFI Fund at the U.S. Treasury that provides critical financing  to rural and urban communities in Montana, and nationwide. In 2015, Montana & Idaho Community Development Corporation provided a NMTC allocation to fill a financing gap, allowing the athletic apparel company to proceed with its…
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Dakotas America Hosts Rural Finance Gathering

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Federal community development funding, as measured as a share of GDP, has declined by 75 percent over the least 40 years. Federal policy has increasing relied on private-sector resources to fill the gap. Through the NMTC and CDFI programs, community development organizations are filling the yawning credit gap encountered in many communities, creating jobs improving housing and community facilities and creating economic opportunity. This is especially true in rural America where opportunity to access the capital necessary to build businesses and community services is limited. On April 11, 2017, Dakotas America hosted the Upper Great Plains Rural Finance Gathering in Harrisburg, South Dakota. In all, there were over 30 attendees representing more than 20 economic development groups from across the region, as well as other areas around the country. The stated…
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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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