NMTC Morning Update – Senate Colloquy on the Tax Extenders

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Yesterday, Senators Reid (D-NV), McConnell (R-KY), and Baucus (D-MT) engaged in a colloquy on the Senate floor where they expressed their support for action on the tax extenders. Senator Hatch (R-UT) also asked for written comments to be appended to the record. The friendly exchange followed a rare moment of bipartisan comity with the passage of the surface transportation bill (S. 1813) by a substantial margin of 74-22. On Tuesday, tax extender provisions were included in several amendments to the bill, but those amendments were ultimately voted down. Read the entire exchange.
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NMTC Morning Update – Extension amendment, CDFI Fund updates, and more

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Today, the Senate will vote on an amendment to the surface transportation bill (S. 1813) that includes an extension of the NMTC. Senator Pat Roberts (R-KS) is offering the amendment, which renews many of the tax provisions that expired in 2011 including the NMTC, the R&D credit, and state and local sales tax deductions. It also includes provisions relating to the Keystone pipeline and a federal pay freeze. [Amendment text] The CDFI Fund plans to update its program eligibility criteria based on recently released data from the 2006-2010 American Community Survey. The release of tables detailing NMTC census tract eligibility is tentatively scheduled for May. [CDFI Fund news release] CDFI Fund Director Donna Gambrell's remarks at the CDFI Coalition Conference in Washington, DC on Wednesday, March 7, 2012. [CDFI Fund…
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Response to recent Forbes article

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By Bob Rapoza In Doug Guthrie’s recent Forbes column on the LITHTC, For the 21st Century, a Network of Beneficial Philanthropy and Corporate Citizenship he mentions in passing that the New Markets Tax Credit (NMTC) has “failed to stimulate growth in the areas [it] have targeted.” Those conclusions are at odds with the facts. Since 2003, New Markets has attracted over $30 billion in private investment in low-income businesses and created over 300,000 jobs nationwide. In 2010 alone, NMTC financing created some 70,000 jobs in some of the most economically distressed communities in the country. We would hardly call that a failure. The credit leverages $12 in private sector funding for every dollar in lost federal tax revenue (a great deal for taxpayers) and it was named one of the…
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Broad Support for the New Markets Tax Credit

Broad Support for the New Markets Tax Credit

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In 2012 during the successful New Markets Tax Credit extension campaign, over one thousand businesses, coalitions, nonprofits, developers, financial institutions, local governments, and other stakeholders joined together to tell Congress one thing: extend the New Markets Tax Credit! Below you will find our present and previous sign-on letters in support of an extension of the NMTC. Download Recent Letters: 2012 NMTC Extension Sign-on Letter***New***  2011 NMTC Extension Sign-on Letter  2011 Broad Extender Letter 2011 Business Sign-on Letter in Support of NMTC Text of the 2012 Extension Sign-On Letter: Dear Members of Congress: We write to urge your support for the renewal of the popular New Markets Tax Credit (NMTC).  New Markets was established in 2000 by a bipartisan coalition of lawmakers.  Over the last decade, the Credit has served as…
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Sign on to NMTC Business Support Letter

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As of today, 203  businesses, representing 44 states and DC, have signed the Coalition’s letter urging Congress to support the New Markets Extension Act of 2011. While this is a good start we know that well over 3,000 businesses have benefitted from NMTC financing and the Coalition needs your help in getting these businesses to support the NMTC by signing the Coalition’s letter to Congress. The deadline for signing the letter has been extended to Friday, July 29 in hopes of getting additional businesses added. The letter is still missing businesses from the following states: Arkansas – Delaware – Indiana – Nevada - Rhode Island - South Dakota. Signing a business onto the letter is easy. Simply direct your business supporters to the link below where they can view the…
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Call Your Senators Today and Ask them to Co-Sponsor New Markets Tax Credit Extension Act of 2011

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Senator Jay Rockefeller (D-VW) and Senator Olympia Snowe (R-ME) will introduce the New Markets Tax Credit Extension Act of 2011 this week. The New Markets Tax Credit Extension Act of 2011 would extend the New markets Tax Credit (NMTC) for 5 years and provide $5 billion in annual allocation authority.  In addition, the bill would provide an Alternative Minimum Tax (AMT) exemption for NMTC investments, thereby ensuring NMTC investors the same consideration under the AMT as is currently provided to investors in many other federal tax credits. Senators Rockefeller and Snowe have written to invite their Senate Colleagues to co-sponsor this important NMTC legislation. To be listed as an original co-sponsor Senators must Mark Libell with Senator Rockefeller (224-6472) or Scott McCandless with Senator Snowe (224-7884) by 12:00 noon, Thursday…
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