In a recent op-ed in The Hill, Representatives Pat Tiberi (R-Ohio) and Richard Neal (D-Mass.) make the case for the New Markets Tax Credit Extension Act of 2017, bipartisan legislation that would strengthen the NMTC and make the credit a permanent part of the tax code. The NMTC was created in 2000 and is a successful public-private partnership that stimulates investment and economic growth in low-income urban and rural communities by providing a modest tax incentive to private investors. The NMTC will expire at the end of 2019 unless Congress reauthorizes the program. In their recent article, Reps. Tiberi and Neal emphasize the NMTC’s impact on the redevelopment of urban and rural communities across the country and advocate for it as a critical bipartisan tool. The NMTC Extension Act has 64 bipartisan co-sponsors in the House (H.R. 1098) and 11 bipartisan co-sponsors in the Senate (S. 384).
Joseph Flatley, president and CEO of Massachusetts Housing Investment Corporation, also wrote about the effort to make the NMTC a permanent part of the tax code in a recent op-ed in the Boston Herald. Highlighting the need for economic and community revitalization in Brockton, a city in Massachusetts with significantly high rates of poverty and unemployment, Flatley urges Congress to ensure that distressed communities are not forgotten in the ongoing tax reform debate.