A year after it was rescued from elimination, the federal New Market Tax Credit program is again facing extinction. Congress must act before the end of the year to save the popular tool for subsidizing investment in underserved communities.
"The premise behind New Market Tax Credits, or NMTCs, is simple: While there is certainly both need and opportunity in underserved communities, there isn’t much capital or private sector money," explains Bill Bradley. "So developers, business leaders and entrepreneurs in these areas — dubbed 'New Markets' — received federal subsidies to encourage more investment."
"In June, senators Jay Rockefeller (D-West Virginia) and Roy Blunt (R-Missouri) introduced legislation to have the program extended permanently. At the moment, however, there’s no sign that it will continue come the new year. Which seems crazy, given both the demand and the program’s success."
Read the full story: New Market Tax Credits Set to Expire
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One Hundred Miles
County of Mendocino
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The Architects Foundation
University of Cincinnati Online
Montrose County
Northern Illinois Transit Authority (NITA)
The Pocatello Development Authority