Senate Finance Committee Includes Two-Year Extension of NMTC in Tax Extenders Markup

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On Thursday, August 2, 2012, the Senate Finance Committee marked up a tax extenders bill. The bill is the product of a compromise between Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT), and it includes a two-year extension of the New Markets Tax Credit at a level of $3.5 billion per year. Senator Coburn submitted an amendment that would have prevented the use of the New Markets Tax Credit in combination with other grant programs and/or tax incentives like federal and state historic tax credits. The amendment failed 14-10. The Committee ultimately approved the tax extenders bill by a vote of 19-5. The House is not expected to take action on tax extenders until after the election. JCT Score of Extenders Bill  
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Representatives Chabot (R-OH) and Stivers (R-OH) Collecting Signatures on NMTC Extension Letter

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House Freshmen Republicans Reps. Stivers (R-OH) and Chabot (R-OH) are inviting other House Republican Freshmen to sign on to a letter addressed to the House leadership that calls for extension of New Markets Tax Credit. The letter does not specify a dollar amount for credit authority but does request an extension at least through 2012. Download the letter If you are in touch with House Republican Freshman, please ask them to sign on to this letter (whether or not they are co-sponsors). Refer them to Jesse Walls with Rep. Stivers (jesse.walls@mail.house.gov), who is the contact person. List of House Republican Freshmen
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Toolkit for In-District Advocacy

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When it comes to influencing Congress, the most successful advocates are those who have made a conscious decision to build and sustain strong personal relationships with their Senators and Representatives. That process works best when it starts at home. By taking advantage of the times when your Senators and Representatives are at home, you can create in-district opportunities to strengthen your relationships with them. Senators and Representatives are often in their districts every Friday through Monday, and for several weeks during the year. In this toolkit, you will find three actions that can jumpstart the process of building a relationship with your Senators and Representatives at home. Those activities are: Inviting your Senators and Representatives to visit your organization or your projects and learn why the work that you do…
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Highlights from Hearing on Tax Extenders

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Below is a highlight reel from the last Friday's House Ways and Means Committee, Select Revenue Subcommittee hearing on the tax extenders. The hearing was the second in a series focused expiring or expired tax credits or preferences. As with the Subcommittee hearing on April 26, 2012, there was strong support for NMTC. In fact, most of the hearing focused on the success of the Credit and the importance of NMTC financing in creating jobs and business opportunities in economically distressed communities.
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New Report Report on New Markets Tax Credit

New Report Report on New Markets Tax Credit

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[caption id="attachment_1535" align="alignright" width="238"] Download[/caption] New Markets Tax Credit (NMTC) Creating Manufacturing Jobs in Areas with High Unemployment; Awaiting Congressional Approval to Continue Washington, DC, June 6, 2012 -- A report issued today by a coalition of community development organizations and financial institutions details how an expired federal tax credit, awaiting congressional action, has spurred private investment in economically distressed communities to finance a wide range of businesses, create jobs, and jump start local economies. The New Markets Tax Credit (NMTC) was enacted in 2000 in an effort to stimulate private investment and economic growth in low income communities that lack access to the patient capital needed to support and grow businesses and create jobs. It does so by offering a modest incentive on investments made in economically distressed communities with…
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The Top Ten Things You Should Know about the New Markets Tax Credit

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Between 2003 and 2012, investments in NMTC businesses totaled $63 billion, of which 50% was generated from sources other than NMTC direct investments; Between 2003 and 2012, NMTC investments generated 750,000 jobs; Between 2003 and 2012, NMTC investments generated over 120 million square feet of manufacturing, retail, and community space in low income communities; Between 2003 and 2012, the NMTC cost the federal government about $8 billion in lost revenue to generate $63 billion in investment in NMTC businesses - a leverage of approximately 8 to 1; 100 percent of all NMTC investments were made in low income communities with poverty rates of at least 20% or median incomes at or below 80% of the area median; Over 72 percent of all NMTC investments were made in communities with severe…
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Written Testimony for Select Revenue Hearing on Tax Extenders

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On April 26, 2012, the House Select Revenue Subcommittee held a members hearing on the tax extenders. As we reported earlier, several members of Congress expressed their support for the New Markets Tax Credit. [Video] The New Markets Tax Credit Coalition, along with several members of the Coalition, submitted written testimony to the committee. Below, find copies of testimony from: New Markets Tax Credit Coalition Coastal Enterprises, Inc Community Reinvestment Fund Local Initiatives Support Coalition National Development Council
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Highlights from Select Revenue Hearing on Tax Extenders

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Reps. Pat Tiberi (R-OH), Jim Gerlach (R-PA), Erik Paulsen (R-MN), Richard Neal (D-MA), Jim Costa (D-CA), and John Larson (D-CT) urged extension of the New Markets Tax Credit At the behest of Reps. Pat Tiberi (R-OH) and Richard Neal (D-MA), the House Select Revenue Subcommittee of Ways and Means held a Members hearing on Thursday, April 26, 2012 to review dozens of tax provisinos that either expired last year or expire this year. The hearing provided a formal opportunity for the Subcommittee to hear from House colleagues about the merits of extending - or not extending - many of the tax extenders. The Senate Finance Committee held a similar hearing in February. Six members of the Ways and Means Committee - including three Republicans and three Democrats - were effusive…
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NMTC supports innovative manufacturing project in Tallahassee, FL

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The New Markets Tax Credit continues to serve as an effective tool to create manufacturing jobs. Last year, thanks to $12.5 million in New Markets Tax Credit financing from the Florida Community Loan Fund, construction began on SolarSink, LLC's innovative new manufacturing facility: SolarSink, LLC will produce heatsink technology and create a solar array on a 5-acre site, utilizing innovative technology developed in conjuction with Florida State University. This technology allows solar energy to be efficiently converted to electricity, ad power produced will be used in the manufacturing facility, other local businesses, and sold to the municipality's power grid. This project is in a highly distressed census tract with 49% poverty rate and will provide 137 temporary and 55 permanent jobs. Read more about the project at the Florida Community Loan…
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