Legislation Introduced to Boost Rural NMTC Allocation by $1 Billion
Legislation to provide an additional $1 billion in new markets tax credit (NMTC) allocation annually for two years was introduced in the U.S. Senate. The Rural Jobs Act (S. 1455) would provide $500 million in allocation in 2023 and again in 2024 for Rural Jobs Zones, which are NMTC-eligible census tracts in rural communities with fewer than 50,000 residents. At least $250 million of the total allocation would be prioritized for persistent poverty counties and high out-migration rural counties. The bill is expected to be introduced in the House of Representatives soon. This is the third consecutive session of Congress in which similar legislation was introduced.
Learn more about this and other community development legislation at the Novogradac 2023 Spring New Markets Tax Credit Conference, June 8-9 in Washington, D.C.