With the New Markets Tax Credit (NMTC) set to expire at the end of 2019, we join the New Markets Tax Credits Coalition in urging Congressional leaders to renew the credits with a permanent extension.
NMTCs are an effective avenue for stimulating private investment in America’s most economically distressed communities, both urban and rural. Through these credits, low-income communities and residents have benefited from economic stimulation and stabilization, including the restored opportunity for homeownership. The high-impact leverage of NMTCs has generated housing, business development, and employment in neighborhoods afflicted by generational poverty.
New Markets Tax Credits have proven to be effective in revitalizing distressed communities, and their impact is achieved without the high expenditure of government resources. We support the NMTC extension as practical policy that sustains improvement in the economy and welfare of American communities.