Curated News
By: NewsRamp Editorial Staff
July 03, 2025
New Markets Tax Credit Secures Permanent Extension, Boosting Economic Growth
TLDR
- The permanent extension of the NMTC offers investors a stable opportunity to gain tax credits while supporting economic growth in underserved communities.
- The NMTC, established in 2000, stimulates investment in low-income areas by providing tax credits, leveraging over $143 billion and creating 1.2 million jobs.
- Making the NMTC permanent ensures continued support for underserved communities, fostering job creation, healthcare access, and affordable housing across the nation.
- The NMTC's permanence marks a historic step in community development, promising to inject $100 billion into underserved areas and create thousands of jobs.
Impact - Why it Matters
The permanent extension of the New Markets Tax Credit is a game-changer for underserved communities across the U.S., ensuring sustained investment, job creation, and economic development. This bipartisan effort not only supports local businesses and projects but also addresses critical needs such as healthcare, education, and affordable housing, making a tangible difference in the lives of millions.
Summary
The New Markets Tax Credit Coalition has celebrated the permanent extension of the New Markets Tax Credit (NMTC) as part of H.R.1, the "One Big Beautiful Bill," now awaiting the President's signature. This significant achievement was made possible thanks to the efforts of key legislators including Senator Crapo (R-ID), Senator Daines (R-MT), Rep. Jason Smith (R-MO), and Rep. Tenney (R-NY), who have been staunch supporters of the NMTC. Established in 2000, the NMTC is a bipartisan initiative designed to spur investment and economic growth in underserved urban and rural areas. It has proven to be one of the most effective tools for community economic development, leveraging over $143 billion in capital investment and creating more than 1.2 million jobs nationwide.
The Coalition's recent analysis highlights the projected 10-year impact of the NMTC's permanence, including $100 billion in capital to underserved regions, support for over 4,000 businesses and projects, and the creation of nearly 70,000 rural manufacturing jobs. Additionally, it aims to expand healthcare access, invest in education and training, and increase the housing supply. The NMTC's permanence ensures continued support for high-impact investments and community partnerships, fostering prosperity in America's most needy areas. For more details, visit the New Markets Tax Credit Coalition.
Source Statement
This curated news summary relied on content disributed by News Direct. Read the original source here, New Markets Tax Credit Secures Permanent Extension, Boosting Economic Growth
