New Markets Tax Credit Report Details Major Investment to America’s Struggling Rural and Urban Communities

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Data shows the NMTC financed 5,000 projects created over one million jobs all while generating enough revenue to more than pay for its cost to the federal government  Washington, D.C. – Today, the New Markets Tax Credit Coalition published a new report on the economic impact of the New Markets Tax Credit (NMTC) from 2003 to 2015. This is the third edition of the NMTC Economic Impact Report, which is authored by Rapoza Associates on behalf of the NMTC Coalition.  The report analyzed U.S. Department of Treasury data and survey data from 5,000 projects financed by the Credit. “The report documents the success of NMTC investments, which resulted in the creation of more than one million jobs , increased access to health and childcare facilities, created more  business opportunities, and…
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Twenty-Seven House Republicans Send NMTC/HTC Support Letter to Brady and Ryan

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Late last week, Congressman Smucker (R-PA) took the lead on a letter urging Speaker Paul Ryan and Chairman Kevin Brady to preserve the Historic Tax Credit (HTC) and make the New Markets Tax Credit (NMTC) permanent. The letter was open to House Republicans and 26 of his colleagues signed on. Here is the full list: Don Young (R-AK) Bradley Byrne (R-AL) Ted Yoho (R-FL) Adam Kinzinger (R-IL) Susan Brooks (R-IN) Ralph Abraham (R-LA) Bruce Poliquin (R-ME) Fred Upton (R-MI) Ann Wagner (R-MO) John Fason (R-NY) Steve Chabot (R-OH) Bob Gibbs (R-OH) Bill Johnson (R-OH) David Joyce (R-OH) Steve Stivers (R-OH) Michael Turner (R-OH) Brad Wenstrup (R-OH) Lou Barletta (R-PA) Ryan Costello (R-PA) Brian Fitzpatrick (R-PA) Lloyd Smucker (R-PA) Glenn Thompson (R-PA) Louie Gohmert (R-TX) Barbara Comstock (R-VA) Mike Gallagher (R-WI)…
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Congressman Smucker (R-PA) Circulates NMTC/HTC Support Letter to Speaker Ryan and Chairman Brady

Congressman Smucker (R-PA) Circulates NMTC/HTC Support Letter to Speaker Ryan and Chairman Brady

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URGENT: Contact House Republicans and Urge Them to Sign the Smucker Letter Congressman Smucker (R-PA) is requesting signatures for a letter urging Speaker Paul Ryan and Chairman Kevin Brady to preserve the Historic Tax Credit (HTC) and make the New Markets Tax Credit (NMTC) permanent. The letter is open to House Republicans and it closes Wednesday, November 29th, so please reach out to Republican offices as soon as possible and and ask them to sign on to Congressman Smucker's letter. Thus far, the letter has been signed by Reps. Glenn Thompson (R-PA), Bob Gibbs (R-OH), Barbara Comstock (R-VA), and Lou Barletta (R-PA). We are suggesting that you target House Republicans who cosponsored of H.R. 1098. Representatives who want to sign on to the letter can contact Andrew Robreno with Congressman…
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New Treasury Data Analysis Confirms New Markets Tax Credit Generated Over One Million Jobs in America’s Most Distressed Rural and Urban Communities

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Today, the New Markets Tax Credit (NMTC) Coalition provided an updated analysis of U.S. Department of Treasury data on the investment and creation of jobs in low-income communities nationwide. This data indicates that between 2003 and 2015, NMTC financing resulted in over one million jobs in low-income rural towns and urban neighborhoods—areas struggling with lagging economies and high rates of unemployment. The Coalition published new federal NMTC impact data by state on its website, which will be featured in a larger report on the economic impact of the credit that is to be released in December. Established in 2000 in the Community Renewal Tax Relief Act (P.L.106-554), the NMTC is the product a bipartisan effort to stimulate investment and economic growth in low-income urban neighborhoods and rural communities. The NMTC…
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Senate Finance Committee Tax Proposal Preserves NMTC

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The Senate Finance Committee has released its tax plan. The bill, unlike the House bill, H.R. 1, does not repeal the New Markets Tax Credit. Statement from New Markets Tax Credit (NMTC) Coalition spokesperson Bob Rapoza in response to the Senate’s tax plan released today: “The Senate deserves high praise for keeping the New Markets Tax Credit intact in the chamber’s tax plan released today. Their move demonstrates the value and clear appreciation the Senate holds for a program dedicated to revitalizing low-income rural and urban communities across the country. The Senate’s proposal to maintain the New Markets Tax Credit comes in sharp contrast to the House’s dangerous move last week to eliminate a program that has leveraged over $80 billion in public-private investments and created more than 750,000 jobs…
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House Proposed NMTC Repeal Would Devastate America’s Most Distressed Communities

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“The House Ways and Means tax reform proposal released today by the majority demonstrates an appalling disregard for low-income rural and urban communities by repealing the federal New Markets Tax Credit program, a vital piece of America’s tax code that has leveraged over $80 billion in public-private investments and created more than 750,000 jobs in some of our country’s poorest neighborhoods and towns,” said Bob Rapoza, spokesperson for the NMTC Coalition. “Unfortunately it will be these communities, in addition to the hardworking people living there, that will bear the burden of the omitted NMTC – the very places that can least afford it. This can only be described as penny wise and pound foolish – with repeal of NMTC saving less than $1.8 billion over the 10 year period. Today’s…
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CDFI Fund Releases Updated NMTC Eligibility Data

Blog, Income, Latest News, Poverty
Today, the CDFI Fund released updated census tract eligibility data for the NMTC program. The eligibility update utilizes data from the 2011-2015 American Community Survey (ACS). Detailed guidance will be posted soon on the CDFI Fund website. CDFI Fund News Release Eligibility Changes: There are about 73,000 census tracts nationwide, of which 31,640 are eligible based on poverty, income, or high out-migration. The eligibility changes remove a total of 4,517 previously eligible census tracts, but add 6,050 newly eligible census tracts, for a net gain of 1,533 eligible tracts. The graphic below shows eligibility changes:   [caption id="attachment_9620" align="aligncenter" width="1200"] Click image to enlarge[/caption] We will have an interactive map soon, but in the meantime, here are a couple of cities: [caption id="attachment_9622" align="aligncenter" width="1077"] New Orleans[/caption] [caption id="attachment_9621" align="aligncenter"…
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Thousands of Organizations Urge Congress to Save NMTC in Tax Reform

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More than 2,100 Businesses, investors and organizations call on Congress to expand and make the community and economic development tax credit permanent in tax reform (Washington, D.C.) –Today, the New Markets Tax Credit (NMTC) Coalition sent a letter addressed to the House Ways and Means Committee and its Chairman, Kevin Brady (R-TX), as well as to the Senate Finance Committee and its Chairman, Orin G. Hatch (R-UT). The letters urge the two Chairman  to include a permanent extension and expansion of the New Markets Tax Credit (NMTC) in tax reform legislation, along the lines of the bipartisan New Markets Tax Credit Extension Act of 2017 (H.R. 1098 / S. 384). More than 2,100 signatures came from banks and credit unions; nonprofits; businesses, ranging from very large businesses to small, family-owned…
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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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Helping Meet Housing Needs After Katrina

Helping Meet Housing Needs After Katrina

Blog, Case Studies, Disaster Assistance, Disaster Relief, Featured, Go-Zone
After Katrina and Rita, the New Markets Tax Credit (NMTC) served an important role in rebuilding community facilities including hospitals and schools, helping businesses replace damaged furniture and equipment, and bringing life back to devastated areas. Disasters isolate low-income areas that already lag far behind affluent communities in the availability of basic services like healthcare as well as the physical infrastructure needed to grow businesses and create economic opportunity. The construction of facilities and infrastructure is important, but economic recovery is difficult - if not impossible - if residents have no where to live. Katrina and Rita collectively displaced 1.3 million people and caused severe or major damage to tens of thousands of owner-occupied homes in areas struggling with high poverty and unemployment before the storm. The NMTC played an…
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