The Senate Finance Committee has released its tax plan. The bill, unlike the House bill, H.R. 1, does not repeal the New Markets Tax Credit.
Statement from New Markets Tax Credit (NMTC) Coalition spokesperson Bob Rapoza in response to the Senate’s tax plan released today:
“The Senate deserves high praise for keeping the New Markets Tax Credit intact in the chamber’s tax plan released today. Their move demonstrates the value and clear appreciation the Senate holds for a program dedicated to revitalizing low-income rural and urban communities across the country. The Senate’s proposal to maintain the New Markets Tax Credit comes in sharp contrast to the House’s dangerous move last week to eliminate a program that has leveraged over $80 billion in public-private investments and created more than 750,000 jobs in some of our country’s poorest neighborhoods and towns. The Senate’s move today is a responsible, common sense approach to the New Markets Tax Credit and welcome news to the countless communities supported by the program.”