Extension of the New Markets Tax Credit and New Markets Permanency legislation
Partnership FOR Job Creation
Resulting Big Moments
Secured a $5 billion one-year extension
Secured a $5 billion one-year extension of the New Markets Tax Credit in H.R. 1865, the Further Consolidated Appropriations Act, 2020 (P.L. 116-94). An increase of $1.5 billion in the allocation to help meet the demand for an important resource that revitalizes communities, creates jobs, and increases economic opportunity.
Largest-ever number of cosponsors
Supported introduction of the New Markets Tax Credit Extension Act of 2019 (S. 750 and H.R. 1680) in the 116th Congress. Collected the largest-ever number of cosponsors (153) for the latest version of the legislation; House – 119 cosponsors and Senate – 34 cosponsors.
Continued efforts to showcase the necessity of passing a permanent extension of the NMTC, through meetings with Members of the Ways and Means Committee and Senate Finance Committee.
Secured a five-year extension
Secured a five-year extension of the New Markets Tax Credit in the Tax Increase Prevention Act of 2014 (P.L. 113-295). Highlighted the impact of the NMTC on local businesses across the country and how the legislation promoted job growth.
Worked with leadership on the House Ways and Means Committee and the Senate Finance Committee to ensure passage in a broad tax extension package.