In March, Senators Roy Blunt (R-MO) and Ben Cardin (D-MD) and Representatives Terri Sewell (D-AL-7) and Tom Reed (R-NY-23) introduced the New Markets Tax Credit Extension Act of 2019 (S. 750 and H.R. 1680). This bipartisan legislation would: make the New Markets Tax Credit (NMTC) a permanent part of the tax code; increase annual NMTC allocation from $3.5 billion to just over $5 billion; index the credit for inflation; and provide alternative minimum tax relief to NMTC investors. This bipartisan effort is especially important as the NMTC – a critical tool for attracting private investment capital to some of the most distressed urban, suburban, and rural communities – is set to expire at the end of 2019 unless Congress acts.
As of this publication’s release, the Senate bill has 17 co-sponsors and the House bill has 38. Enterprise strongly supports the New Markets Tax Credit Extension Act and urges our partners to ask your Members of Congress co-sponsor the legislation.