NMTC Sign-on Letter
Reps. Terri Sewell (D-AL) and Mike Kelly (R-PA) are circulating a sign-on letter to other Representatives in support of a permanent extension of the New Markets Tax Credit (NMTC). The letter, which is attached, calls for including all the provisions of H.R. 1321, the New Markets Tax Credit Extension Act of 2021 - a permanent authorization of NMTC at $5 billion, with inflation adjustments and an exception from the Alternative Minimum Tax for NMTC investments - in any end of the year tax bill.
At yesterday's NMTC Coalition Annual Conference, Administration officials and Congressional staff made clear that there is not yet a clear direction for spending and tax legislation in the lame-duck session of Congress. Congress is likely to extend the current Continuing Resolution until December 23, giving the lawmakers a little more time to come up with a package on appropriations and tax provisions.
It is safe to say that, at this moment, nothing is settled. With a solid record of impacts in rural and urban communities and favorable revenue estimates, the NMTC is among those provisions under consideration. The Sewell-Kelly letter is a very important element in our campaign to make the Credit permanent. We urge Coalition members to contact their Representative to encourage him or her to sign on to the letter.
To sign on, Representatives can contact: