NMTC Leaders Applaud 5-Year Extension of Community Development Tax Credit

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 Coalition. “The strong bipartisan support for the federal NMTC in both the House and Senate is a testament to its success in delivering much needed investments for community revitalization projects.” Congressional champions also applauded the extension of the NMTC: “The New Markets Tax Credit Program has a history of success nationwide and this extension is a huge step in the right direction. In Missouri, the NMTC has made a real difference in economically distressed communities, including financing for the first new grocery store in the Pagedale community in 40 years, expanding and helping improve the operation of a number of manufacturing businesses, and filling in the funding gap for the construction of 65 home ownership units in a St. Louis neighborhood with very high unemployment.” —Senator Roy Blunt (R-MO), who introduced New Markets Tax Credit Extension Act of 2015 (S. 591) on February 26, 2015, a bill which would make the NMTC permanent. Senator Blunt was the lead sponsor of a similar bill in the 113th Congress as well. “This long-term extension of the New Markets Tax Credit (NMTC) Program is a major win for community revitalization, job creation, and economic development throughout New York State. The NMTC Program...

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Camp and Tiberi plan review of tax extenders in April

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...

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NMTC Morning Update – Senate Colloquy on the Tax Extenders

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...

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