BILLS INTRODUCED TO MAKE NEW MARKETS TAX CREDIT PERMANENT

摘要

Legislation has been introduced as part of a bipartisan effort to make the New Markets Tax Credit (NMTC) a permanent part of the tax code. U.S. Senators Roy Blunt (R-MO) and Ben Cardin (D-MD) introduced the Senate version of the New Markets Tax Credit Extension Act of 2017, while Congressman Pat Tiberi (R-OH) and two colleagues on the House Ways and Means Committee, Congressmen Tom Reed (R-NY) and Richard Neal (D-MA), the Ranking Member on the committee, introduced the House bill. The measure would promote investments in underserved communities by permanently authorizing a 39 percent federal tax credit for businesses or economic development projects in areas with poverty rates of at least 20 percent, or median incomes at or below 80 percent of the area median.