Some 2,000 Businesses, Banks and Nonprofits Call for New Markets Permanency

Blog, Featured, NMTC Extension Campaign, Sign-on Letters
Businesses, investors and organizations sign letter urging Congress to make the community and economic development tax credit permanent  Washington, D.C. –Today some 2,000 groups that have seen the New Markets Tax Credit at work in their communities sent a letter to Congress, calling on it to enact legislation that provides a permanent authorization and expansion of the NMTC. Signatures came from every state and included community development organizations; nonprofit service providers; banks and credit unions; state and national trade associations and chambers of commerce, including the American Bankers Association and other groups representing thousands of members; affordable housing organizations; schools, universities and education nonprofits; city governments, state and local elected officials and agencies; and many other businesses, ranging from very large businesses to small, family-owned businesses. “This broad support is…
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Bipartisan Push Underway to Permanently Extend Federal Tax Credit Encouraging Investment in Economically Disadvantaged Communities

Blog, Featured, Latest News, NMTC Extension Campaign
Letter to House Ways and Means Leadership Calls for Permanent Extension of New Markets Tax Credit Program Washington, D.C. – House Republicans and Democrats are formally asking House Ways and Means Chairman Dave Camp (R-MI) and Ranking Member Sander Levin (D-MI) to take action to permanently extend the New Markets Tax Credit (NMTC), a federal tax credit program that has created hundreds of thousands of jobs in distressed rural and urban communities. If Congress fails to act, the NMTC will expire at the end of this year. The bipartisan letter in support of the NMTC, signed by 70 members of Congress, highlights the importance of the Credit, which provides a modest tax incentive to encourage private sector investment in communities often left out of the economic mainstream. Full list of…
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TAKE ACTION: Contact Your Senators Today!

Blog, Latest News, NMTC Extension Campaign
Tell Your Senators to recommend a permanent extension of the New Markets Tax Credit as part of their comments to Senators Baucus and Hatch. Earlier this month, Senators Max Baucus (D-MT) and Orrin Hatch (R-UT), the Chairman and Ranking Member of the Senate Finance Committee, asked for comments and feedback from their Senate Colleagues regarding which existing tax incentives and tax credit should be retained in a reformed tax code. Comments are due to Baucus and Hatch by July 26th. In light of this request, we need you to reach out to your Senators and urge them to include the New Markets Tax Credit as a priority for tax reform. Making comments and recommendations on the Internal Revenue Code is an enormous task. At the bottom of this email is…
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Bipartisan Bill to Permanently Extend New Markets Tax Credit Introduced in Senate

Blog, Latest News, NMTC Extension Campaign
The New Markets Tax Credit Act of 2013 Increases the Flow of Private Sector Capital to Urban and Rural Communities Contact: Bob Rapoza, bob@rapoza.org, (202) 393-5225 Download PDF version of Press Release Washington, D.C. (June 11, 2013) – Today, Senators Jay Rockefeller (D-W.Va.) and Roy Blunt (R-Mo.) introduced legislation to provide a permanent extension for the New Markets Tax Credit (NMTC), an incentive for investment and job creation in communities with high unemployment and other measures of economic distress. The New Markets Tax Credit Act of 2013 would extend the Credit indefinitely by making it a permanent part of the Internal Revenue Code, and enhance the potential impact of the Credit by increasing the annual NMTC allocation. “Unemployment across the country is still too high. The New Markets Tax Credit is a…
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Senators Rockefeller (D-WV) and Blunt (R-MO) introduce NMTC extension legislation

Blog, Latest News, NMTC Extension Campaign
THIS JUST IN. Senators Jay Rockefeller (D-WV) and Roy Blunt (R-MO) have introduced legislation that would indefinitely extend the NMTC. Read Senator Blunt's press release below. ------------------------------------------ Senators Blunt, Rockefeller Introduce Legislation To Spur Investment, Jumpstart Job Creation In Low-Income Communities WASHINGTON, D.C. – U.S. Senators Roy Blunt (Mo.) and Jay Rockefeller (W.Va.) introduced a bipartisan bill today to make the New Markets Tax Credit (NMTC) Program permanent. The NMTC provides private investors with a 39 percent federal tax credit for investments made in businesses or economic development projects in some of the most distressed communities in the nation. The bipartisan bill is co-sponsored by U.S. Senators Ben Cardin (Md.), Susan Collins (Maine), and Maria Cantwell (Wash.). “The New Markets Tax Credit Program has already had a positive impact in…
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NMTC Coalition Launches Effort to Gain Support of QALICBs

NMTC Extension Campaign
The NMTC Coalition is now circulating a letter of support for the NMTC program and for 5-year extension of the program with $5 billion in annual allocation authority through 2016 with AMT relief for investors, in keeping with this year’s NMTC extender bill S. 996. We ask that each of you please reach out to the businesses that have benefitted from NMTC financing and ask business owners and employees to sign this letter. It is important for Members of Congress to see just how many small businesses are able to grow and to remain local job generators in hard hit communities. Please talk to your business partners today and ask them to sign this letter to Congress.
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