GOVERNMENT RELATIONS

Extension of the New Markets Tax Credit and New Markets Permanency legislation

Partnership FOR Job Creation

Tax incentives help grow business investment in communities primed for new jobs and economic opportunity.

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.

Learn more about how Banner powers big moments

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