NMTC Coalition Submits Testimony to Senate Finance Committee

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Last month, Senate Finance Committee Chairman Orrin Hatch (R-UT) called for public comments on tax reform. Yesterday, the Coalition submitted its recommendations, which called for the retention and expansion of the NMTC and provided the Committee with the latest facts and figures on the NMTC. The testimony also provided the Committee with information on how the NMTC might fit into a reformed tax code. Read the testimony.
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House and Senate Members Move to Make New Markets Tax Credit Permanent

House and Senate Members Move to Make New Markets Tax Credit Permanent

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Bipartisan Call to Make Federal Tax Credit Permanent that Leverages Private Investment in Economically Distressed Communities, Expands Businesses and Creates Jobs Washington, D.C. –Legislation was introduced in the House and Senate to secure the future of the New Markets Tax Credit (NMTC). Congressman Pat Tiberi (R-OH) and two colleagues on the House Ways and Means Committee, Congressmen Tom Reed (R-NY) and Richard Neal (D-MA), the Ranking Member on the committee, introduced the House bill. They were joined by 19 of their colleagues.  In the Senate, the bill was introduced by Senators Blunt (R-MO) and Cardin (D-MD). The bills, both titled The New Markets Tax Credit Extension Act of 2017, respectively H.R. 1098 and S. 384, would ensure that rural communities and urban neighborhoods left outside the economic mainstream have access…
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New Report: NMTC: At Work in Communities Across America

New Report: NMTC: At Work in Communities Across America

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Today, the NMTC Coalition is excited to release a new report showcasing NMTC success stories from every state and the District of Columbia. These profiles from each state show the flexibility of the NMTC and demonstrate its ability to drive and leverage capital in investment-starved communities, creating economic opportunities and jobs in our country’s poorest rural communities and urban neighborhoods. Every four years, the Coalition releases this report, which serves as an important tool for educating new Administrations and new Members of Congress. The 2016 edition of the NMTC at Work report features 89 NMTC projects, ranging from rural to urban, from grocery stores, health care centers and community centers to manufacturing businesses and charter schools, as well as many other important projects identified by community leaders. These profiles from…
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NMTC: Improving Healthcare Access for Vulnerable Communities

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[caption id="attachment_7430" align="alignright" width="223"] Jennifer Smith, a registered nurse at NMTC-financed Kootenai Medical Center in Coeur D'Alene, ID takes blood samples from a patient. Coeur D'Alene has a poverty rate above 35 percent.[/caption] Because of a dearth of available capital, residents of low-income communities often lack adequate access to state of the art healthcare facilities that more affluent communities take for granted. Income is strongly linked to health outcomes, so the need is greater in high-poverty neighborhoods. In high poverty urban areas, safety-net hospitals, which a significant level of care to low-income, uninsured, and vulnerable populations are stretched thin. And in small towns and rural farming communities, since 2010, 71 rural hospitals have closed and another 683 are at risk of closing — limiting access to care and further depressing…
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NMTC Coalition Guidance on State NMTC Programs

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The New Markets Tax Credit (NMTC) Coalition is a national membership organization founded in 1998 to advocate on behalf of the NMTC program. The Coalition, which now includes more than 150 members, is the principal advocate and lobby for the federal NMTC. Enactment of NMTC at the federal level spurred a number of states to consider similar state tax incentives.  These state credits have similar goals as the federal program.  Other states are considering similar legislation. These credits are often called “New Markets Tax Credits” and can enhance revitalization efforts in low income communities.   Because these credits are often used in conjunction with the federal NMTC, the NMTC Coalition has prepared a series of recommendations for state credits. In general the NMTC Coalition believes that state NMTCs should be made…
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Lake Mead Christian Academy Project Part of a Surge in NMTC Activity in Nevada

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[gallery type="slideshow" size="large" link="file" ids="6758,6759"] Earlier this month, Clearinghouse CDFI and Lake Mead Christian Academy celebrated the groundbreaking of their new Henderson, NV facility. Clearinghouse CDFI provided long-term financing for the school, that provides infant day-care services and schooling for grades K-12. The Lake Mead project is part of a recent surge in NMTC activity in Nevada, a state that - until recently - had been underserved by the program. Lake Mead Christian Academy currently serves 610 students and carries a higher graduation rate than the overall state. Extracurricular activities and ministry services are also provided to the local community through the school. Financing for this project was made possible thanks to Clearinghouse CDFI's use of the New Markets Tax Credit program along with funds Clearinghouse CDFI recently received through the U.S. Treasury’s…
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NMTC Helps Dessert Manufacturer Create 80 Jobs in Greenville

NMTC Helps Dessert Manufacturer Create 80 Jobs in Greenville

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Greenville New Markets Opportunity II, a community development entity managed by the Tax Advantage Group and the Greenville Local Development Corporation, has invested a $10 million New Markets Tax Credit allocation in Sweet Street Desserts Inc. in Greenville, SC. The Reading, Pa.-based gourmet dessert company is expanding in the old Sara Lee Building and plans to add 80 jobs. The company announced its Greenville operations in 2013, saying the expansion included new equipment and would allow it to more easily reach its customer base in North America and South America. The company expects to begin manufacturing operations this summer.
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Senators Stabenow, Peters Announce Multi-Million Dollar Tax Credit Allocations to Support Economic Development in Michigan

Senators Stabenow, Peters Announce Multi-Million Dollar Tax Credit Allocations to Support Economic Development in Michigan

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Senators Debbie Stabenow, a senior member of the Senate Finance Committee, and Gary Peters yesterday celebrated a $55 million tax credit allocation for community development projects to grow the economy and create jobs in Michigan and three other states. The support comes through the Treasury Department’s New Markets Tax Credit Program, which helps spur critical investments in low-income communities. The NMTC allocation will help Great Lakes Capital Fund invest in low-income areas in Michigan, Indiana, Illinois and Wisconsin. Read more
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Statement on the Portland Press Herald NMTC Article

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On Sunday, April 26, the Portland Press Herald ran the second article in its two-part series on the Maine New Markets Capital Tax Credit. The two articles question many of the aspects and investments of the state program, and also question the efficacy of the federal New Markets Tax Credit (NMTC) program. As the NMTC Coalition’s focus is exclusively on the federal credit, we will confine our comments to the efficacy of just the federal NMTC program. First and foremost, there is a clear record of success when it comes to the federal New Markets Tax Credit. The federal NMTC is a tool that is available to economically distressed communities, promoting revitalization by encouraging the private sector to make investments in areas they otherwise would not, which has resulted in the…
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