New Markets Tax Credit Announcement Hailed Across the Country

New Markets Tax Credit Announcement Hailed Across the Country

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Today the Treasury Department's blog, "Treasury Notes", chronicles some of the positive press received by the NMTC in newspapers around the country: Last week, the Treasury’s Community Development Financial Institutions Fund announced a new $3.5 billion allocation of New Markets Tax Credits to revitalize low-income and distressed communities. Awarded to 85 different community development entities headquartered across 28 states and the District of Columbia, the tax credits allow these organizations to attract private investment capital to underserved communities across America. 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. Read their full post.
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New Markets Tax Credit Extended for Two Years

New Markets Tax Credit Extended for Two Years

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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 
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New Report on Economic Impact of Federal Tax Credit Program Demonstrates Significant Return on Investment to Taxpayers

New Report on Economic Impact of Federal Tax Credit Program Demonstrates Significant Return on Investment to Taxpayers

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New Markets Tax Credit (NMTC) Economic Impact Report Finds that NMTC Has Generated A Significant Number of Jobs, Expanded State and Local Tax Base in Economically Distressed Areas WASHINGTON, D.C.– 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 create over 500,000 jobs, generate over $5.3 billion in federal income tax revenue and over $3 billion in state and local taxes – an amount which more than covers the cost of the program as measured in terms of revenue lost by the federal government – and revitalize communities across the country. “While there is ample data on the New Markets Tax Credit’s (NMTC) track record of…
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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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