Coalition Releases 2017 New Markets Tax Credit (NMTC) Progress Report

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Report highlights NMTC project data from 2016, including 28 healthcare facilities, 26 manufacturers, 15 schools, 14 facilities for youth and families, and 11 incubators WASHINGTON, June 7, 2017 -- The New Markets Tax Credit Coalition today released its 2017 New Markets Tax Credit (NMTC) Progress Report the thirteenth edition of the report—providing a survey of NMTC activities in 2016. As in the past, the report documents the flexibility and impact of the NMTC in meeting the needs of the distressed communities where it is deployed and helping to create jobs and grow business opportunities, from more traditional industry and community sectors to new and cutting-edge technology. Projects which benefitted from the Credit in the past year include rural and urban incubators, small business loan funds, main street tourism, health clinics,…
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NMTC Leaders Applaud 5-Year Extension of Community Development Tax Credit

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FOR IMMEDIATE RELEASE NMTC Leaders Applaud 5-Year Extension of Community  Development Tax Credit WASHINGTON, D.C.—Late last night, Congressional leaders and the White House came to an agreement on a tax extender deal, which includes permanency for a few provisions and two- to five-year extension for other expired or expiring tax credits. The New Markets Tax Credit (NMTC) received a long-term extension of five years (2015-2019) at its current level $3.5 billion annually. UPDATE: Congress passed the PATH Act and extended the NMTC for five years. “The federal New Markets Tax Credit has achieved great results since its implementation, creating nearly 750,000 jobs in economically distressed rural and urban communities and leveraging almost $75 billion in capital for businesses, and community services and facilities,” said Bob Rapoza, spokesperson for the NMTC…
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The NMTC as a Disaster Assistance Tool

Blog, Disaster Assistance, Disaster Relief, Go-Zone, Katrina
The GO Zone Act of 2005Ten years ago, Hurricane Katrina devastated many New Orleans, Alabama, and Mississippi communities that were already reeling from decades of poverty, unemployment, and economic stagnation. In the wake of Katrina, Congress passed The Gulf Opportunity Zone (GO Zone) Act of 2005, P.L. 109-135, which provided tax relief to The GO Zone, comprised of those counties or parishes that were deemed eligible by FEMA for “individual assistance” or “individual and public” assistance in after the storm. The GO ZONE encompasses 91 counties or parishes, including: eleven counties in Alabama; 31 parishes in Louisiana; and 49 counties in Mississippi. In light of both the devastation of Katrina and the extensive poverty that pre-dated the storm, the legislation included a temporary $1 billion expansion of the federal government's…
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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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NMTC supports innovative manufacturing project in Tallahassee, FL

Latest News, NMTC Success Stories
The New Markets Tax Credit continues to serve as an effective tool to create manufacturing jobs. Last year, thanks to $12.5 million in New Markets Tax Credit financing from the Florida Community Loan Fund, construction began on SolarSink, LLC's innovative new manufacturing facility: SolarSink, LLC will produce heatsink technology and create a solar array on a 5-acre site, utilizing innovative technology developed in conjuction with Florida State University. This technology allows solar energy to be efficiently converted to electricity, ad power produced will be used in the manufacturing facility, other local businesses, and sold to the municipality's power grid. This project is in a highly distressed census tract with 49% poverty rate and will provide 137 temporary and 55 permanent jobs. Read more about the project at the Florida Community Loan…
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Camp and Tiberi plan review of tax extenders in April

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Reps. Tiberi (R-OH) and Camp (R-MI) plan to hold a hearing to review individual tax extenders (including the New Markets Tax Credit) in April. The Hill has a story, and you can read their release below: Camp, Tiberi: Review of “Extenders” to Start in April Washington, DC – Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Select Revenue Measures Subcommittee Chairman Pat Tiberi (R-OH) issued the following statement: “Far too many provisions in the tax code are temporary, making it hard for employers to plan, invest and create new jobs for American families. That is one reason why we are committed to comprehensive tax reform. An important part of comprehensive reform is to conduct a thorough review of the various targeted provisions in the Code commonly referred to…
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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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