Extension for New Markets Tax Credit Program a Bipartisan Effort

A bipartisan effort was shown as fifty U.S. Representatives last week sent a joint letter to Ways and Means Chairman Dave Camp, R-Mich., and Ranking Member Sander Levin, D-Mich., urging them to support an extension of the new markets tax credit program (NMTC). Circulated by Reps. Mike Turner, R-Ohio, and Chaka Fattah, D-Pa., the sign-on letter noted that businesses and jobs financed by the NMTC produce enough income tax revenue to offset the cost of the program. They strongly urged the extension, “as communities across America will lose a tool that has created jobs, revitalized neighborhoods, and helped to jump start local economies. Since 2003, the New Markets Tax Credit program has created over 550,000 jobs and generated 60 billion in capital investment for credit starved businesses and revitalization projects in underserved communities.

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