Rep. Pat Tiberi, R-Ohio, is the Federal Legislator of the Year. Rep. Tiberi has long been one of the congressional champions of the new markets tax credit (NMTC), sponsoring bipartisan legislation to provide for long-term reauthorization or permanence for the NMTC in several sessions of Congress. His most recent NMTC bill, H.R. 855, would make the NMTC permanent, increase the annual allocation authority to $4.8 billion, provide an annual inflation adjustment and allow the NMTC to offset alternative minimum tax (AMT) liability. Rep. Tiberi's leadership led to the enactment of several NMTC extensions in recent years and he is positioning the NMTC for permanence when Congress considers tax reform legislation.
Rep. Tiberi is a senior member of the House Ways and Means Committee that has jurisdiction over tax issues, Medicare, Medicaid, Social Security and trade agreements. He is the chairman of the Ways and Means Subcommittee on Trade. Rep. Tiberi previously served as the chairman of the Subcommittee on Select Revenue Measures that has jurisdiction over federal tax policy. He continues to serve as a member of that subcommittee.
Congratulations to Rep. Tiberi for his monumental efforts to preserve the NMTC program.
"Rep. Tiberi has long been one of the best congressional champions of the new markets tax credit," said Peter Lawrence, the director of public policy and governmental relations at Novogradac & Company LLP. "The New Markets Tax Credit program is one of the most effective community development tools ever established–largely because of the vision, innovation and dedication that leaders, such as Pat Tiberi, have demonstrated to transform communities across the country."
Illinois state Sen. James Clayborne is the State Legislator of the Year. Since his appointment to the Illinois Senate in 1995, Sen. Clayborne, D-Belleville, Ill., has worked tirelessly to promote growth opportunities for his district. Sen. Clayborne, who serves as the second-highest-ranking member of the state Senate, achieved notable success in seeking innovative ways to promote Illinois as a place to do business, including establishing a new state incentive for investment entities that have been approved for the federal New Markets Tax Credit program. The Illinois New Markets Development program, which was created by Sen. Clayborne's legislation, became law in 2008 and was one of the first state-level New Markets Tax Credit programs in the country.
Sen. Clayborne consistently backs business-orientated economic development initiatives such as the NMTC to help support small and developing businesses in low-income and underserved areas. He ushered through a New Markets Tax Credit program extension in both 2010 and 2012, leading to the award of $125 million and $250 million, respectively, in two rounds in 2014 and 2015. The senator's extension efforts have led to four rounds, totaling $500 million for Illinois' low-income communities.
Congratulations to state Sen. Clayborne for his steadfast commitment to providing economic opportunity for low-income communities.
"Sen. Clayborne's support of business-oriented economic development programs stems, in part, from the reality of representing an area still dogged by economic programs and his desire to create opportunities," said Jeff Craver, a principal at Advantage Capital Partners. "Many of these small businesses would otherwise be unable to qualify for development or expansion loans from large lending institutions because they lack credit history or necessary collateral."
Director of Economic Development