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 as ‘tax extenders.’ In 2010, House Republicans led the charge to review these provisions and over 70 (estimated at over $100 billion) were cleaned out of the Code. In 2012, we must again examine these extenders, and the Committee will begin that process after the April recess. We look forward to hearing from interested parties about the merits of these tax policies.”
NOTE: The exact date, time, and format of a tax extender hearing has not yet been set and will be formally announced by the Committee at a future date. However, Chairmen Camp and Tiberi expect the date will be in April.
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.
- Today, the Senate will vote on an amendment to the surface transportation bill (S. 1813) that includes an extension of the NMTC. Senator Pat Roberts (R-KS) is offering the amendment, which renews many of the tax provisions that expired in 2011 including the NMTC, the R&D credit, and state and local sales tax deductions. It also includes provisions relating to the Keystone pipeline and a federal pay freeze. [Amendment text]
- The CDFI Fund plans to update its program eligibility criteria based on recently released data from the 2006-2010 American Community Survey. The release of tables detailing NMTC census tract eligibility is tentatively scheduled for May. [CDFI Fund news release]
- CDFI Fund Director Donna Gambrell’s remarks at the CDFI Coalition Conference in Washington, DC on Wednesday, March 7, 2012. [CDFI Fund News Release]
- Ball State recently released a study, “The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit Program”. [NMTC and State Add-ons]
- The New Mexico Finance Authority (NMFA) is accepting applications through March 30 for awarding low-interest loans for businesses in qualified low-income areas throughout New Mexico. New Markets Tax Credits can provide low cost gap financing to fund projects and business expansions that are more than $5 million. [CNJDigest]
SAVE THE DATE: The Annual NMTC Policy Conference is June 6, 2012 in Washington DC.
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