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NMTC Coalition Corner: Businesses, Community Leaders Call On Congress to Extend the New Markets Tax Credit Program


3/18/14

The following article was issued as part of the New Markets Tax Credit Connection - Spring 2014 issue.

On March 6, 2014, more than 1,400 businesses, investors, not-for-profit organizations, and community leaders sent a letter to Capitol Hill urging the leaders of the Congressional tax-writing committees to extend the New Markets Tax Credit (NMTC). The letter comes on the heels of the Obama Administration’s renewed call for a permanent extension and of expansion of the NMTC in its Fiscal Year 2015 budget, which was released on March 4.

In contrast, House Ways and Means Chairman Dave Camp (R-Michigan) published his much-anticipated tax reform discussion draft in late February, which omitted the NMTC. The media release accompanying the plan did note that the Committee is interested in feedback on whether tax extenders such as the NMTC should be included in his tax reform proposal. However, if implemented as it is currently proposed, Camp’s plan would end the NMTC program, along with several other incentives for community development. This would deprive many communities recovering from the economic downturn of billions of dollars of flexible capital.

Share Your NMTC Program Experience: 2014 NMTC CDE Survey

Every year since 2005, the New Markets Tax Credit Coalition has surveyed Community Development Entities (CDEs) in an effort to document their experiences and the work they are doing with support of the NMTC Program.  We once again encourage CDEs to participate in the Coalition’s annual NMTC survey, which will help us document the important work that CDEs are doing across the country.

Download Survey at http://nmtccoalition.org/survey.

Completed surveys should be sent to Paul Anderson by April 1, 2014.

Similar to last year, the 2014  survey is designed to collect NMTC transaction data from the previous calendar year – in this case from January 1 through December 31, 2013. Most survey questions are modeled directly from questions in the CDFI Fund’s Community Investment Impact System.

The information collected in this year’s survey will be presented in the Coalition’s 10th Annual NMTC Progress Report, to be released in June.

This report is designed to provide policymakers with timely information and data on the impact of NMTC investment. Previous NMTC Progress Reports, and other information on NMTC Program, can be found on the NMTC Coalition website.


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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