Legislation Introduced in Senate to Make NMTC Permanent, Receive Inflation Adjustment and Provide Exception from AMT

Friday, February 3, 2023 - 8:15AM

Bipartisan legislation introduced in the U.S. Senate would permanently extend the new markets tax credit (NMTC), while providing an inflation adjustment and an exemption from the alternative minimum tax (AMT) for NMTC investments. The New Markets Tax Credit Extension Act of 2023, sponsored by Sens. Ben Cardin, D-Maryland, and Steve Daines, R-Montana, would apply the inflation adjuster to every allocation round after 2023 and allow AMT relief for qualified equity investments made after Dec. 31, 2022. This is the sixth consecutive session of Congress in which an NMTC permanence bill has been introduced, following 2014, 2015, 2017, 2019 and 2021.

Legislative and regulatory issues related to the NMTC will be the focus of the Novogradac 2023 Spring New Markets Tax Credit Conference, June 8-9 in Washington, D.C.

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