The New Markets Tax Credit (NMTC) has achieved a landmark permanence through the spending bill H.R.1, a move set to transform economic development in underserved communities. Since its inception in 2000, the NMTC has been a cornerstone for stimulating investment and employment in low-income areas, contributing to over $143 billion in capital investment and the creation of 1.2 million jobs. The credit's permanence is anticipated to channel $100 billion into underserved regions, bolster more than 4,000 businesses and projects, and generate nearly 70,000 rural manufacturing jobs.
Key legislators including Senator Crapo (R-ID), Senator Daines (R-MT), Rep. Jason Smith (R-MO), and Rep. Tenney (R-NY) have been pivotal in securing the NMTC's future. Phil Glynn, NMTC Coalition Board President, highlighted the significance of this permanence for ensuring business and investor certainty, which is crucial for fostering job creation and opportunities in communities most in need. Previously facing expiration at the end of 2025, the NMTC's extension as a long-term economic growth tool follows its most significant prior extension in the Consolidated Appropriations Act of 2021. For further details on the NMTC and its contributions, visit https://nmtccoalition.org/.
