NMTC Program Saved!
NMTC investments generated more than $156 billion in economic activity, creating 1,013,837 jobs in low-income rural and urban communities from 2003 to 2015. With that kind of track record and a cost of just $1.7 billion over ten years it was difficult to understand why the House would terminate the New Markets Tax Credit in the first place. The NMTC is a great deal for the federal government, but most importantly it is a critical tool for our country’s small, overlooked rural towns and blighted urban neighborhoods that have been left outside of the economic mainstream for far too long.
Thank you to Congressman Jim Costa for your support of of the NMTC program, maintaining the credit’s authorization for 2018 and 2019, as was agreed to in the bipartisan PATH Act that Congress passed in December 2015.