Letter from NMTC and CDFI Coalitions to Treasury Secretary
On February 21, 2017, the NMTC and CDFI Coalitions sent a joint letter to the new Treasury Secretary, Steven Mnuchin, on the importance of the CDFI Fund and the effectiveness of its programs. Read more…
2,000 Urge Congress to Extend the NMTC
PRESS RELEASE 2/7/2017: 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… Read more…
Previous Sign-on Letters
Stivers-Serrano-Turner NMTC Sign-On Letter
The Coalition worked with Congressmen Steve Stivers (R-OH), Jose Serrano (D-NY), and Mike Turner (R-OH) on a sign-on letter to Chairman Brady concerning the NMTC and the House plans for tax reform. Earlier this year, Speaker of the House Paul Ryan (R-WI) created of six committee-led task forces charged with “developing a bold, pro-growth agenda that will be presented to the country in the months ahead.” House Ways and Means Chairman Kevin Brady leads the Tax Reform Task Force, which has been directed to craft a tax reform proposal to “create jobs, grow the economy, and raise wages by reducing rates, removing special interest carve-outs, and making our broken tax code simpler and fairer.” The task force’s report is likely to be released in June, and this letter further strengthens our request that New Markets Tax Credit is included as part of any tax reform proposal that emerges from the task force.
Turner (R-OH) and Fattah (D-PA) Circulate Sign-on Letter
Congressmen Mike Turner (R-OH) and Chaka Fattah (D-PA) are circulating a sign-on letter urging timely Congressional action on the New Markets Tax Credit. Last year, they also led a letter to Ways and Means urging an extension of the NMTC, and followed up on that letter with an Op-Ed in Roll Call urging their colleagues to take the time during the August recess to visit a NMTC-financed project. Below is a link to the current letter and Dear Colleague.
The deadline for signatures on the letter is close of business on Tuesday, June 16th. Please take a moment to contact your member of Congress and ask them to sign-on to this letter and voice their support for a NMTC extension. In particular, you may want to focus your advocacy efforts on the Members of Congress who signed last year’s NMTC support letter. You can find that list in the link below:
OVER 1,600 CALL ON CONGRESS TO MAKE NEW MARKETS PERMANENT AS TAX REFORM HEATS UP
Businesses, investors and organizations sign letter urging Congress to extend the expired community and economic development tax credit before they leave Washington
Building on two solidly bipartisan bills in the House and Senate, a letter signed by over 1,600 businesses, investors, and nonprofit and for-profit organizations calls on the Congress to take immediate action to extend the currently expired New Markets Tax Credit (NMTC). Senators Roy Blunt (R-MO) and Chuck Schumer (D-NY), and Congressmen Pat Tiberi (R-OH), Richard Neal (D-MA) and Tom Reed (R-NY) have introduced the New Markets Tax Credit Extension Act of 2015, S. 591 and H.R. 855, respectively, which make the NMTC permanent law. The Obama Administration also called for permanency in the President’s 2016 Budget. The pending legislation as well as the 2016 budget all propose a substantial increase in NMTC.
Past Sign-on Letters:
November 2014 sign-on letter in support of a NMTC extension
On November 18, 2014, over 1,500 organizations wrote to Congress urging extension of the NMTC.
July 2014 Sign-on Letter in support of a NMTC extension
In a letter sent earlier this week to House Ways and Means Committee Chairman Dave Camp and Ranking Member Sander Levin, a bipartisan cohort of fifty members of the House urged the Committee to take up a New Markets Tax Credit extension.
March 2014 Sign-on Letter in support of a NMTC extension
On March 6, 2014, over 1,400 businesses, investors, nonprofit organizations and community leaders sent a letter to Capitol Hill urging leaders of the House and Senate tax-writing committees to extend the New Markets Tax Credit.
2013 House sign-on letter: Representatives Steve Stivers (R-OH) and Mike Michaud (D-OH) circulated a bipartisan sign-on letter in support of a NMTC extension.
This past September, over 1,200 businesses, local elected officials, nonprofits, and other organizations called for an extension of the NMTC. Read that letter:
Download Past Letters:
- 2012 NMTC Extension Sign-on letter
- 2011 NMTC Extension Sign-on Letter
- 2011 Broad Extender Letter
- 2011 Business Sign-on Letter in Support of NMTC