Washington – Today, Rep. Tom Reed announced the New Markets Tax Credit Extension Act of 2017 is now supported by one hundred Members of Congress for the first time in the bill’s history, over multiple Congresses.
“We care about the impact the New Markets Tax Credit (NMTC) program has had here in New York and want to ensure it has a fair shot at continuing to boost jobs in our community,” Tom said. “While the economy continues to grow, small businesses – the lifeblood of our economy – still struggle to secure the capital needed to spur revitalization.
“The New Markets Tax Credit helps create a better environment for businesses and transformative projects to thrive – boosting wages, services and economic development where it’s needed most. We are excited to announce this record-breaking support,” Tom concluded.
The NMTC was authorized in the Community Renewal Tax Relief Act of 2000 as part of a bipartisan effort to stimulate investment and economic growth in low income urban and rural communities. By providing a modest tax incentive to private investors, the NMTC increases the flow of capital to businesses and low-income communities.
This important program, designed to revitalize some of our most vulnerable communities, is currently only authorized through 2019.