Action Stalls on Senate Tax Extender Bill with New Markets Tax Credit, Mortgage Revenue Bond Provisions

摘要

Efforts to move ahead on a Senate tax extender bill (S. 3355) that includes a one-year extension of the New Markets tax credit (NMTC) bill were stymied on July 30 when an effort to invoke cloture on the bill failed. The vote was 51-43 in favor of proceeding with the bill, but 60 votes were needed. The bill would extend the NMTC program through calendar 2009, with $3.5 billion in investment authority for 2009. Under current law, the program will expire this year. A House-passed extender bill (H.R. 6049) also includes a one-year NMTC extension with $3.5 billion in investment authority. (For background, see Current Developments, Vol. 36, No. CD-11, p. 326.)