Next week, beginning May 16, 2022, will serve as Advocacy Week for the New Markets Tax Credit (NMTC) Coalition. Members of the NMTC Coalition will be contacting Members of Congress about the importance of the NMTC and its permanency during virtual visits with Representatives and Senators.
Specifically, Coalition members are asking their Members of Congress to do the following:
- Enact a permanent extension of the NMTC along the lines of the bipartisan NMTC Extension Act (H.R. 1321 and S. 456).
- Ensure incentives for community development are protected during the negotiations of the Pillar II treaty.
“After two decades of success, the New Markets Tax Credit has become an indispensable tool for creating economic opportunity in communities and neighborhoods left out of the economic mainstream,” said Bob Rapoza, NMTC Coalition Spokesperson. “We hope to impress upon Members of Congress the importance of making the NMTC a permanent part of the tax code. According to the Joint Committee on Taxation, if Congress enacts a permanent extension of the Credit in 2022, the cost will be $1.38 billion, so it will never be cheaper for Congress to make NMTC a permanent part of the tax code.”
Learn more on our toolkit.
About the 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 $115 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.