Representatives Jason Smith (R-MO-8) and Terri Sewell (D-AL-7), both members of the House Ways and Means Committee, have introduced the Rural Jobs Zone Act of 2018 (H.R. 6627), a bipartisan bill that would authorize an additional $500 million in New Markets Tax Credit (NMTC) allocation for both 2018 and 2019. The additional NMTC allocation would be targeted exclusively for Rural Jobs Zones, which are NMTC-eligible census tracts in rural communities that qualify for the Department of Agriculture’s Rural Development Business & Industry Program. Of the $1 billion total in additional allocation, at least 25 percent would be prioritized to “persistent poverty” and “high migration rural” counties. Read more about the new bill in Enterprise’s blog post.
The NMTC is set to expire at the end of 2019 unless Congress extends the program. Recognizing the NMTC’s proven track record, Congress retained the NMTC in the Tax Cuts and Jobs Act of 2017, preserving its current authorization through 2019. It is now critical that Congress permanently extend the NMTC and provide certainty to this critical community development tool for low-income communities. The New Markets Tax Credit Extension Act, bipartisan legislation in both the House (H.R. 1098) and Senate (S. 384), would indefinitely extend and strengthen the NMTC program. Enterprise urges Congress to enact both the NMTC Extension Act and the Rural Jobs Zone Act to increase the impact of this proven community development tool.
If you are interested in learning more on NMTC – join us at the 2018 Affordable Housing Conference:Plan.Build.House. August 21-22 in Oklahoma City. For more information, or to register: CLICK HERE.
Oklahoma Coalition for Affordable Housing 