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Bipartisan, Bicameral Legislation Would Require $500 Million of Annual NMTC Allocation to ‘Rural Job Zones’
A bipartisan group of eight U.S. senators, as well as two members of the House of Representatives, introduced legislation today that would require $500 million in new markets tax credits (NMTCs) to be allocated to “rural job zones” in 2022 and 2023. The Rural Jobs Act defines those zones as low-income communities with a population of less than 50,000 that are not adjacent to an urban area. The bill would also require that at least 25% of the new investment be targeted to persistent poverty counties and high-migration counties. The bill was introduced in the Senate by Sen. Roger Wicker, R-Mississippi; Sen. Mark Warner, D-Virginia; Sen. John Boozman, R-Arkansas; Sen. Ben Cardin, D-Maryland; Sen. Kyrsten Sinema, D-Arizona; Sen. John Hoeven, R-North Dakota; Sen. Shelley Moore Capito, R-West Virginia; and Sen. Cindy Hyde-Smith, R-Mississippi. In the House, the bill was introduced by Rep. Terri Sewell, D-Alabama, and Rep. Jason Smith, R-Missouri.
Current legislation will be among the timely topics covered at the Novogradac 2021 Spring New Markets Tax Credit Virtual Conference, June 10-11.