Curated News
By: NewsRamp Editorial Staff
December 16, 2024
Tax Policy Leaders Advocate for New Markets Tax Credit Permanence
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- Making the New Markets Tax Credit permanent will provide a competitive advantage for businesses seeking resources in low-income and marginalized communities.
- The New Markets Tax Credit (NMTC) program, enacted in 2000, aims to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities.
- Establishing permanence for the NMTC will increase economic opportunity, create jobs, and improve lives in underserved communities, contributing to a better tomorrow.
- The NMTC has delivered over $135 billion to rural and urban communities, financing more than 8,500 businesses and over 1.2 million jobs in its 20-year history.
Impact - Why it Matters
The NMTC program has been instrumental in delivering resources to low-income communities, creating jobs, and increasing economic opportunity. The push for permanence in the NMTC extension will provide certainty and stability, especially in underserved communities facing significant economic challenges.
Summary
The New Markets Tax Credit (NMTC) Coalition’s annual conference focused on tax policy trends, community economic development, and the need to make the NMTC permanent. Keynote speakers included Senator Mark Warner, Representative Claudia Tenney, and CDFI Fund Director Pravina Raghavan. The event also featured Senator Steve Daines and Representative Richard Neal's support for a permanent extension of the NMTC.
Conference panels covered various topics, including the legislative outlook for the NMTC, legal and regulatory issues, and NMTC deal profiles. Both the Senate and House introduced bills to make the NMTC extension permanent, aiming to provide certainty in delivering resources to low-income communities and creating jobs.
Representative Tenney committed to reintroducing the bill next year with her colleague, Representative Terri Sewell. The NMTC Coalition also released its fifth case study report, showcasing the impact of the program across all fifty states, Puerto Rico, and the District of Columbia.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Tax Policy Leaders Advocate for New Markets Tax Credit Permanence
