Bipartisan Support for New Market Tax Credits Emerges
"Facing an impending tax overhaul from the Trump administration, members of the House and Senate have moved to protect a program that gives tax credits to businesses that create jobs and other economy boosters in low-income communities," reports Kelsey E. Thomas.
Thomas is referring to the U.S. Treasury’s New Markets Tax Credit (NMTC) program, "which targets poor zip codes both urban and rural, has gained bipartisan support and many friends in both the urban development and business worlds since its implementation in 2000." Senator Roy Blunt (R-MO) introduced the two bills, called the "New Markets Tax Credit Extension Act of 2017" [pdf]. The bills would make the program permanent.
Thomas provides additional insight onto the prevailing political winds facing the New Market Tax Credits, with evidence provided by statements from Treasury Secretary Steven Mnuchin during his confirmation hearing.