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Manufacturing Communities Investment Act Would Extend, Expand NMTC

Thursday, January 9, 2014 - 8:00AM

Sen. Sherrod Brown, D-Ohio, this week introduced S. 1896, the Manufacturing Communities Investment Act, which would extend the new markets tax credit (NMTC) through 2016 and would provide designated allocations for areas affected by a decline in manufacturing. The bill would reauthorize the NMTC, which expired on Dec. 31, 2013, and would increase the annual NMTC allocation from $3.5 billion to $5 billion in calendar years 2014, 2015 and 2016. It would also authorize an additional $1 billion for investments in communities affected by major manufacturing job losses. S. 1896 was referred to the Senate Finance Committee and is the companion bill to H.R. 3735, which Reps. John Carney, D-Del., and Steve Stivers, R-Ohio, introduced in December.

To discuss the latest NMTC news, join Novogradac & Company at the Novogradac New Markets Tax Credit Conference in San Diego on Jan. 23-24.

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