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New Markets Tax Credit: NMTC Coalition Corner


August 2013

The following was distributed as part of the New Markets Tax Credit Connection - Summer 2013 newsletter.

This update was prepared by the New Markets Tax Credit Coalition.

Senators Rockefeller (D-WV) and Blunt (R-MO) introduce NMTC permanence legislation

In June, Senators Jay Rockefeller (D-W.Va.) and Roy Blunt (R-Mo.) introduced legislation to provide a permanent extension for the New Markets Tax Credit (NMTC). The New Markets Tax Credit Act of 2013 (S. 1133) would extend the Credit indefinitely by making it a permanent part of the Internal Revenue Code, and enhance the potential impact of the Credit by increasing the annual NMTC allocation. The legislation would also exempt investments from the Alternative Minimum Tax.

August Recess Advocacy Campaign

On August 5, Members of Congress headed home for the summer recess and will be back in their states and districts until early September. The congressional recess is a great opportunity to get “face time” with your Members of Congress and weigh in with them about the value of the New Markets Tax Credit as a tool for job creation and economic development.

The New Markets Tax Credit Coalition recommends the following three strategies for in-district engagement during the August recess:

1. Meet with your Senators and Representatives, or their staff, at one of their in-district offices.

In-district meetings are an underappreciated way to lobby elected officials without traveling all the way to Washington, DC. To find a district office near you, check the website for your Senators and Representatives.

For state or district-specific statistics on NMTC investments, contact Paul Anderson or log on to the NMTC Coalition’s website. Materials, talking points, and fact sheets are available in our Advocacy Toolkit.

2. Invite members of Congress on a tour.

Inviting a politician to an on-site visit to your organization or to a NMTC-financed business is one of the most powerful things you can do to build support for the NMTC. By showing your Senators and Representatives first-hand the work that you do, how you serve your community, and how the NMTC supports your efforts, you can make a lasting impression.

If a construction project is about to commence or a facility is about to open, take the opportunity to organize a ground-breaking ceremony or ribbon cutting. Be sure to give your elected official a chance to speak to constituents who can share a personal story of how the NMTC-financed business or not-for-profit impacted their life. Local government leaders should also be invited.

If you need any help or have any questions about the best way to set up a site visit or tour, contact Ayrianne Parks.

3. Follow up.

After your meeting, tour, or event, send your Senators and Representatives a formal thank you, forward any additional information, and create a written confirmation of any agreed-to actions. Be sure to reach out to NMTC Coalition staff and let them know how they can follow up when Congress returns to Washington, DC.


Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

© 2013 CohnReznick LLP

Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

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Headquartered in New York, NY, CohnReznick serves its clients with more than 280 partners, 2,000 employees, and 25 offices nationwide. The firm is a member of Nexia International, a global network of independent accountancy, tax, and business advisors. For more information, visit www.cohnreznick.com.


This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
 

 

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