Currently in both Houses of Congress there are bi-partisan bills – S.996, H.R. 2655 – for a five year extension of the New Markets Tax Credit Program (NMTC). If passed, the New Markets Tax Credit Extension Act would provide a five year authorization for $5 billion in annual credit allocation authority with an exemption from the Alternative Minimum Tax (AMT) for investors.
The NMTC funding fuels Finance Fund’s New Markets program which offers credit for fixed assets to nonprofit and for-profit business borrowers in qualifying low-income census tracks for projects that revitalize both urban and rural low-income communities in Ohio. With the extension of the NMTC program we hope to be awarded funds in the future and continue to make business and job growth possible for more individuals.
Senator Tiberi of Ohio is an original co-sponsor of the bill. His involvement is a powerful indicator of the support that exists in Central Ohio.
The NMTC Coalition is asking all businesses that have benefited from NMTC financing to sign their letter to Congress urging further extension of the NMTC program. To date more than 3,000 businesses located in all 50 states and DC have received an NMTC investment, but less than 500 are signed on to the Coalition’s letter. It is important to show Members of Congress that businesses want and need the program to continue.