The New Markets Tax Credit (NMTC) has achieved a landmark permanence through the spending bill H.R.1, signaling a transformative phase for economic development in underserved communities. This bipartisan effort, initiated in 2000, has been a cornerstone for driving investment and employment in low-income urban and rural regions, contributing to over $143 billion in capital investment and the creation of 1.2 million jobs thus far.
Legislators including Senator Crapo (R-ID), Senator Daines (R-MT), Rep. Jason Smith (R-MO), and Rep. Tenney (R-NY) have been pivotal in ensuring the NMTC's permanent status. The extension is anticipated to channel $100 billion into underserved areas, bolster more than 4,000 businesses and projects, and generate approximately 70,000 rural manufacturing jobs, among other advantages.
Phil Glynn, NMTC Coalition Board President, highlighted the significance of this permanence for businesses and investors, offering them the stability needed to foster additional employment and opportunities in communities most in need. Previously facing expiration at the end of 2025, the NMTC has now been established as a durable mechanism for economic expansion, building on its most recent extension in the Consolidated Appropriations Act of 2021.
For further details on the NMTC and its contributions, visit https://nmtccoalition.org/.
