In a recent letter, twelve Freshman House Republicans urged House Leadership to extend the New Markets Tax Credit (NMTC) program. While these GOP Representatives note that they do not support extending all tax credits, they do contend that the NMTC is a critical source of financing for a wide variety of businesses and community facilities that provides much-needed support for vulnerable low-income communities during an especially difficult time. The letter was circulated by Freshman Republican Representatives Steve Stivers (R-OH) and Steve Chabot (R-OH), other signers include:

  • Rep. Bob Gibbs (R-OH)
  • Rep. Chris Gibson (R-NY)
  • Rep. Richard Hanna (R-NY)
  • Rep. Joe Heck (R-NV)
  • Rep. Jaime Herrera Beutler (R-WA)
  • Rep. Bill Johnson (R-OH)
  • Rep. Pat Meehan (R-PA)
  • Rep. Steven Palazzo (R-MS)
  • Rep. Jim Renacci (R-OH)
  • Rep. Bobby Schilling (R-IL)

The Family and Business Tax Cut Certainty Act of 2012 (S. 3521), which includes an extension to the NMTC program and other tax provisions, was recently approved by the Senate Finance Committee. While this measure was not specifically cited by the Freshman Representatives as the desired vehicle for achieving a NMTC program extension, it is the most viable extenders bill at the moment. S. 3521 was sent to the full Senate for consideration but no further action has been taken.

Click here to read the NMTC support letter.
Click here to read S. 3521.