Reauthorizing NMTC Program

The Obama administration announced that it plans to continue to allocate funds to permanently reauthorize the New Markets Tax Credit (NMTC) program in 2016. In addition, it will requests $5 billion of allocation authority per year, as well as authority to offset alternative minimum tax (AMT) liability. The budget also proposes a new Manufacturing Communities Tax Credit (MCTC), with $2 billion in tax credit authority in each of three years through 2018. The proposal would also allow the Community Development Financial Institutions (CDFI) Bond Guarantee program to continue operating with a cap of $1 billion per year, but with no budgetary cost for new issuances.

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