Coalition gathers NMTC stakeholders, releases state statistics
WASHINGTON, Dec. 16, 2019 /PRNewswire/ — New Markets Tax Credit extension legislation, tax policy trends and plans for 2020 were the focus as the New Markets Tax Credit (NMTC) Coalition held its annual NMTC Policy Conference late last week in Washington, D.C. The two-day event featured several members of Congress as keynote speakers, included visits with Congressional offices on Capitol Hill and provided insights from the Treasury Department. Attendees also received updated state fact sheets on the NMTC’s efficacy.
NMTC Coalition President, Kermit Billups, kicked off the conference by welcoming speakers and guests alike. The experienced NMTC practitioner and Greenline Ventures Executive Vice President highlighted recent successes and looked to the future of the NMTC Coalition.
Keynote speakers included Comptroller of the Currency Joseph Otting and CDFI Fund Director Jodie Harris. Panelists included congressional staff, NMTC board and leadership, economic development experts and Treasury Department professionals. Panels held discussions on modernization of the Community Reinvestment Act, small business loan funds, and the latest insights from the Treasury Department. A legislative outlook panel was led by moderator Bob Rapoza, NMTC Coalition spokesman.
A key focus of the conference was the expiration of NMTC. At the end of the year, the Credit expires, and the Coalition has been working with Congress on the legislation to extend and expand the NMTC. In November, nearly 1,000 organizations wrote to the Congressional leadership in support of extension legislation.
Attendees brought their message to the Hill for Congressional visits before settling into the Hart Senate Office Building where they were addressed by Senator Roy Blunt (R-MO), Senator Ben Cardin (D-MD) and Ways and Means Committee Chairman, Representative Richard Neal (D-MA) who discussed NMTC and the future of tax policy.
“We [Congress] have to buckle down and get things done,” said Sen. Blunt, noting that he is working with fellow NMTC bill cosponsor Sen. Cardin and members of the Senate Finance Committee on an extension for the NMTC in the year-end negotiations. He went on to discuss his firsthand experience seeing the NMTC at work. “I went to a grocery store opening in south St. Louis—it was the first grocery store in 50 years, and the NMTC provided the financing.”
“You can’t allow it to expire,” said Sen. Cardin, when addressing the group and noting the chilling impact already seen due to uncertainty over the extension of the NMTC. “Permanency allows you to be able to go out and put together these deals that are not easy to be put together. There is a real desire by both the Democratic and Republican leadership to make sure that an extender package, in fact, passes before the end of the year. We are going to keep fighting for as much as we can get,” he added.
“[The NMTC] has real, positive ramifications for the communities in which you make the investment,” said Chairman Neal as he talked about “why we need to preserve and expand the New Market Tax Credit initiative. I’ve been your champion and I’m going to continue to be your champion,” he added.
The NMTC Coalition also released updated state fact sheets with community testimonials, success stories and state statistics available here.
“Since it was established in 2000, the New Markets Tax Credit has financed more than 6,000 projects and created over one million jobs in all 50 states, the District of Columbia and Puerto Rico,” said Bob Rapoza. “The conference provided practitioners with opportunities to discuss ways to build upon its success, helping low-income rural and urban communities access the capital necessary to grow local economies, expand business opportunities, update worn infrastructure, and make needed services like healthcare, education and childcare available to individuals and families living in distressed areas.”
About New Markets Tax Credit Program
The New Markets Tax Credit (NMTC) was enacted in 2000 in an effort to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to the patient capital needed to support and grow businesses, create jobs, and sustain healthy local economies. Since its inception, the NMTC has generated more than one million jobs. Today due to NMTC, more than $95 billion is hard at work in underserved communities in all 50 states, the District of Columbia, and Puerto Rico. For more information, visit www.NMTCCoalition.org.
Contact: Ayrianne Parks