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Administration Budget Would Permanently Extend NMTC

Tuesday, March 4, 2014 - 8:00AM

In its proposed budget for fiscal year (FY) 2015, the Obama administration proposes permanently reauthorizing the New Markets Tax Credit (NMTC) program in 2015 and requests $5 billion of allocation authority per year, as well as authority to offset alternative minimum tax (AMT) liability. The budget also proposes a new Manufacturing Communities Tax Credit (MCTC), with $2 billion in tax credit authority in each of three years through 2017. The budget would also extend the CDFI Bond Guarantee program’s authorization by one year, through FY 2015, at a $1 billion guarantee level.

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