Senators Roy Blunt (R-MO) and Jay Rockefeller (D-WV) recently introduced a measure to make permanent the New Markets Tax Credit (NMTC) program. The NMTC program was recently extended in the fiscal cliff deal but is set to expire at the end of 2013. The bill would limit the Community Development Financial Institution (CDFI) Fund’s allocation authority to 3.5 billion each year, adjusted for inflation, for years beginning after 2013. In addition, the measure provides alternative minimum tax (AMT) relief for credits with qualified equity investments (QEIs) made before January 1, 2014. The legislation is cosponsored by Senators Ben Cardin (D-MD), Susan Collins (R-ME), and Maria Cantwell (D-WA) but has not yet been assigned a bill number or to a Committee for consideration.
Click here to read the recently introduced legislation.
Click here to read the press release from Senator Blunt’s office.
