Senate Finance Committee Includes Two-Year Extension of NMTC in Tax Extenders Markup

On Thursday, August 2, 2012, the Senate Finance Committee marked up a tax extenders bill. The bill is the product of a compromise between Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT), and it includes a two-year extension of the New Markets Tax Credit at a level of $3.5 billion per year.

Senator Coburn submitted an amendment that would have prevented the use of the New Markets Tax Credit in combination with other grant programs and/or tax incentives like federal and state historic tax credits. The amendment failed 14-10.

The Committee ultimately approved the tax extenders bill by a vote of 19-5. The House is not expected to take action on tax extenders until after the election.

JCT Score of Extenders Bill

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

Address & Social Media

The New Markets Tax Credit Coalition
1155 15th Street NW, Suite 400
Washington, DC 20005
202-393-5225

Our Office

Contact Us