New Markets Tax Credit Extension Act Introduced in House, Senate
Legislation was introduced in both the House of Representatives and the U.S. Senate today to reauthorize and make permanent the new markets tax credit (NMTC). The New Markets Tax Credit Extension Act of 2019 would also include an inflation adjustment to the annual NMTC allocation authority and the ability to offset the alternative minimum tax. H.R. 1680 was introduced by Reps. Tom Reed, D-N.Y., Terri Sewell, D-Ala., and 16 other members of the House Ways and Means Committee, while the Senate version of the bill was introduced by Sens. Ben Cardin, D-Md., and Roy Blunt, R-Mo. The NMTC is currently authorized through 2019. The 2018 allocation round of $3.5 billion in allocation authority is expected in coming weeks.