We once again wish to stress to Congress the importance of the credit to thousands of businesses, state and local government officials, and investors. Below is a letter that urges Congress to increase the credit authority and provide a permanent extension for the New Markets Tax Credit. Please join in the effort to extend NMTC by […]
Op-Ed by José Villalobos, The Hill, – 07/19/13 10:00 AM ET Last week, Senate Finance Committee Chairman Max Baucus (D-Mont.) and House Ways and Means Committee Chairman Dave Camp (R-Mich.) officially embarked on a trip to sell tax reform, which they have dubbed the “Max and Dave Road Show.” The chairmen of the congressional tax-writing […]
New Market Tax Credit 2013 Progress Report Provides Evidence on Effectiveness of the Credit as a Tool for Driving Capital to Areas of Economic Distress Washington, D.C. – A report issued today by a coalition of community development organizations and financial institutions details how the New Markets Tax Credit (NMTC) transformed private sector capital into […]
In the past, every dollar in tax credits has generated an average of eight private investment dollars for projects like manufacturing plants, retail developments, affordable housing and health centers. Perhaps that’s why last week’s announcement was greeted with excitement across the country.
On Wednesday, April 24th, the Donna Gambrell, Director of the CDFI Fund, announced the Tenth Round of NMTC Allocation Awards totaling $3.5 billion in allocation.
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 […]
New Markets Tax Credit Economic Impact Report finds that NMTC has Generated A Significant Number of Jobs, Expanded State and Local Tax Base in Economically Distressed Areas