Mark your calendars! On Wednesday, June 5th, 2013 at 8:45 AM, the New Markets Tax Credit Coalition will sponsor a breakfast briefing on Capitol Hill in 121 Cannon House Office Building. The briefing will coincide with the release of the 2013 NMTC Progress Report. All are invited. Please extend an invitation to Members of Congress and their staff.
On Friday, April 12, 2013, the New Markets Tax Credit Coalition responded to the Ways and Means Committee Working Groups' call for comments on tax reform. The Coalition's briefing paper was addressed the following working groups: Debt, Equity, and Capital Real Estate Manufacturing Financial Services NMTCC to Working Groups - 4-12-2013.
Over the next several months, the Senate Finance Committee will convene weekly to discuss a series of topics and collect feedback from members on a wide range of options for taking on tax reform. These meetings will be Member-only and are organized by policy area. Below is the tentative schedule (subject to change): April 11: Small business, corporate investment and innovation; April 18: Families, education and opportunity; April 25: Infrastructure, energy, and natural resources; May 9: Types of income, investment, and tax structures; May 16: Economic security, health, retirement, and insurance; May 23: International competitiveness; June 6: Economic and community development; June 13: Tax exempt organizations and charitable giving; and June 20: Non-income tax issues
The NMTC Coalition recently released the NMTC Economic Impact Study (December, 2012). Our national findings show that the NMTC has created over 500,000 jobs and generated a significant return to the federal government in terms of tax revenue generated. We also investigated NMTC impacts for all fifty states and the District of Columbia. Browse state economic impact reports
Washington, DC - Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sandy Levin (D-MI) announced the formation of 11 separate Ways and Means Committee Tax Reform Working Groups. The groups will be led by one Republican Member serving as Chair and one Democratic Member serving as Vice Chair. Each of the 11 groups will review current law in its designated issue area and then identify, research and compile feedback related to the topic of the working group. The working groups will be responsible for compiling feedback on its designated topic from: (1) stakeholders, (2) academics and think tanks, (3) practitioners, (4) the general public and (5) colleagues in the House of Representatives. Once the work of those groups has been completed, the Joint Committee on Taxation…
By Teresa Garcia, Editorial Assistant, Novogradac & Company LLP Published in the Novogradac Journal of Tax Credits - February 2013, Volume IV, Issue II The New Markets Tax Credit (NMTC) program was revived with Congress’ Jan. 2 passage of the American Taxpayer Relief Act of 2012 (H.R. 8). The eleventh hour decision extends the NMTC through 2013 at $3.5 billion per year. A report released in December by the New Markets Tax Credit Coalition confirmed what program supporters have been saying since before the NMTC was allowed to expire in 2011: the NMTC is a sound investment not just for communities, but for taxpayers as well. Statistics show that the program has created thousands of jobs in economically distressed areas and has generated a healthy return on investment. Read more...
“Fiscal Cliff” Legislation Provides Two-Year Extension to Federal Tax Credit Program Proven to Fuel Private Investment in Economically Distressed Communities WASHINGTON, D.C. – The New Markets Tax Credit Coalition (NMTCC) applauds the passage of legislation extending the New Markets Tax Credit (NMTC) for two years. By extending the NMTC, Congress ensures the continued delivery of billions in capital to businesses and revitalization projects in low income communities. “The New Markets Tax Credit has shown that – at a modest cost to the federal government – it generates meaningful economic growth and job creation in economically distressed urban and rural communities throughout the country,” explained Jose Villalobos, New Markets Tax Credit Coalition Board of Directors Chairman and TELACU Senior Vice President. “I commend Congress for ensuring that private sector investment in…
On Tuesday, Newsday published a letter to the editor from New Markets Tax Credit Coalition Board Member Bob Davenport, President of the National Development Council. The letter urges inclusion of incentives like the New Markets Tax Credit and Low Income Housing Tax Credit in a Hurricane Sandy relief package. Below is an excerpt: We should not neglect the substantial assistance needed by the residential, commercial and industrial components of our regional economy — particularly in low-income communities that were struggling before Sandy devastated the region. From small businesses in neighborhood shopping districts to industrial firms employing thousands, and from single-family homes to multifamily rental housing, large gaps exist between the financial resources needed to rebuild and the capital available. Read the whole thing.
On January 1, 2013, the House of Representatives passed The American Taxpayer Relief Act (H.R. 8), by a vote of 257-167. The package includes extension of New Markets Tax Credits for 2012 and 2013 at $3.5 billion in annual credit authority. This was an important step by Congress to ensure the continued flow of billions in capital to credit-starved businesses in our nation's most distressed urban and rural communities. Read more about the New Markets Tax Credit: NMTC Economic Impact Report NMTC: At Work in Communities Across America
Write-up in the Des Moines Business Record: A national coalition of community development organizations and financial institutions is hopeful that new figures released today will help persuade Congress to renew the New Markets Tax Credit (NMTC) program. According to the coalition, the federal program has spurred redevelopment in low-income neighborhoods that has helped to create more than 500,000 jobs nationally and generated more than $8 billion in new federal and state tax revenues between 2003 and 2010. [button link="http://www.businessrecord.com/main.asp?Search=1&ArticleID=19571&SectionID=37&SubSectionID=100&S=1" color="silver"] Read more...>[/button]