NMTC Coalition Comment Letter

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On January 14, 2014, the CDFI Fund asked for comments on its NMTC allocation application. Notice requesting comments The NMTC Coalition submitted comments to the Fund: March 17, 2014 Mr. Robert Ibanez NMTC Program Manager Community Development Financial Institutions Fund U.S. Department of Treasury 1500 Pennsylvania Avenue, NW Washington, DC 20220 Dear Mr. Ibanez: I am writing on behalf of the New Markets Tax Credit Coalition (“the Coalition”) in response to the CDFI Fund’s January 14, 2014 request for comments on the New Markets Tax Credit (NMTC) application. Formed in 1998, the Coalition is a national membership organization that advocates on behalf of the NMTC Program. The Coalition’s mission is to ensure that its members, including Community Development Entities (CDEs), investors, and other community development professionals, can effectively use the…
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Businesses, Community Leaders Call On Congress to Keep New Markets Tax Credit

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More than 1,400 Individuals and Organizations Send Letter to Congress in Support of the Credit Washington, D.C. – Over 1,400 businesses, investors, nonprofit organizations and community leaders sent a letter to Capitol Hill today urging leaders of the House and Senate tax-writing committees to extend the New Markets Tax Credit (NMTC), a tool for creating jobs and stimulating economic growth in urban and rural communities across America. The letter comes on the heels of the Obama Administration’s renewed call for a permanent extension of NMTC and an expansion of the Credit in its Fiscal Year 2015 budget, which was released on Tuesday. “Support for the New Markets Tax Credit remains strong on both sides of the aisle, which is a testament to its ability to revitalize the local economies of…
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Omission in Camp Tax Draft Could Cost Communities and Jobs

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Tax Reform Discussion Draft Excludes New Markets Tax Credit Contact: Bob Rapoza bob@rapoza.org (202) 393-5225 Washington, D.C. - The Chairman of the House Ways and Means Committee, Dave Camp (R-MI), released his tax reform discussion draft to the public today, while Members of the Committee were briefed on the draft yesterday. The proposal by Chairman Camp lowers individual and corporate tax rates, but does not include the New Markets Tax Credit (NMTC), a flexible and proven financial tool that leverages private sector investment capital to revitalize economically depressed rural and urban communities. “The draft does not include incentives for private sector investment in business and community development projects in low income communities,” said Bob Rapoza, spokesperson for the NMTC Coalition. “The New Markets Tax Credit, which expired December 31st, has…
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Sign-on to support an extension of the NMTC

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We once again wish to stress to Congress the importance of the credit to thousands of businesses, state and local government officials, and investors. Please join in the effort to extend NMTC by signing our letter and encouraging other NMTC supporters in your community to sign on as well. Read the letter and sign-on The letter is addressed to Finance Committee Chairman Ron Wyden (D-OR) along with Senate Finance Committee Ranking Member Orrin Hatch (R-UT). An identical letter will go to House Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sander Levin (D-MI). The letter closes on February 28th, 2014.
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Jack Kemp and Poverty

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In today's Washington Post, Michael Gerson wrote about Congressman Jack Kemp's support for immigration reform and other (as he called them) "bleeding heart conservative" initiatives. Setting aside the partisan political issues tackled in Gerson's article, his piece is a reminder that while Kemp may be best known as the affable advocate for supply-side tax policy, he also had an interesting perspective on the role of government in tackling social challenges like poverty. As a HUD Secretary and Congressman, Kemp was a longtime advocate of employing the tax code as a market driven approach to incentivize private sector investment in low income communities. Beginning with the Tax Reform Act of 1986 (P.L. 99-514), Congress increasingly followed Kemp’s lead. The 1986 Act established the Low Income Housing Tax Credit (LIHTC), which is now the nation’s…
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A Decade Later: New Markets Tax Credit Created Half A Million Jobs

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Newly Released Data Sheds Light on Impact of Credit, Underscores Potential Impact of Looming Expiration Washington, D.C. – This year marked 10 years since the first New Markets Tax Credit (NMTC) projects were financed. Data from the program’s first 10 years – including new numbers just released last week—indicates the NMTC has created more than 550,000 jobs and leveraged over $60 billion in capital for economically distressed rural and urban communities. “This new data reinforces what we already know – that the New Markets Tax Credit is having a substantial and meaningful impact on underserved communities throughout the country,” said New Markets Tax Credit Coalition President Jose Villalobos. “In the decade since its implementation, this Credit has put more than half a million people in areas plagued by low incomes…
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Join Reps. Gerlach and Neal at the NMTC Coalition’s Annual Conference

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There's still time to register for the New Markets Tax Credit Coalition's 2013 Annual Conference on December 12th & 13th in Washington, DC at the Hotel Monaco. Two of the NMTC's champions in the House of Representatives, Congressmen Jim Gerlach (R-PA) and Richard Neal (D-MA), will be the keynote speakers at the conference. Congressmen Gerlach and Neal will be joined by Treasury Department officials, including Donna Gambrell of the CDFI Fund, key Congressional staff, industry experts, and NMTC investors. Agenda, registration, and more information
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“New Markets Tax Credit Program Evaluation” (Urban Institute): NMTC Coalition Response

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“New Markets Tax Credit Program Evaluation” (Urban Institute):  NMTC Coalition Response [caption id="attachment_5170" align="alignright" width="300"] Download the Urban Institute's report[/caption] On November 15, 2013, the Community Development Financial Institutions (CDFI) Fund released New Markets Tax Credit Evaluation, a formal evaluation of the first four years of the New Markets Tax Credit (NMTC) program (2003-2007). The Urban Institute’s study found that the NMTC has worked as envisioned, delivering capital to underserved communities and creating a variety of positive outcomes in those communities. As the study’s executive summary states: In its early years, the NMTC program operated as intended—encouraging investments in low-income areas for a diverse range of community- and economic-development projects associated with varying results. The most prevalent results were provision of advantageous financing, real estate development in low-income areas, additions…
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Bipartisan Push Underway to Permanently Extend Federal Tax Credit Encouraging Investment in Economically Disadvantaged Communities

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Letter to House Ways and Means Leadership Calls for Permanent Extension of New Markets Tax Credit Program Washington, D.C. – House Republicans and Democrats are formally asking House Ways and Means Chairman Dave Camp (R-MI) and Ranking Member Sander Levin (D-MI) to take action to permanently extend the New Markets Tax Credit (NMTC), a federal tax credit program that has created hundreds of thousands of jobs in distressed rural and urban communities. If Congress fails to act, the NMTC will expire at the end of this year. The bipartisan letter in support of the NMTC, signed by 70 members of Congress, highlights the importance of the Credit, which provides a modest tax incentive to encourage private sector investment in communities often left out of the economic mainstream. Full list of…
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