Rural Jobs Act, Which Would Provide $1 Billion in Additional NMTC Allocation, Introduced in House
Rep. Carol Miller, R-West Virginia, this week introduced the Rural Jobs Act in the House of Representatives. The bill would provide $1 billion of new markets tax credit (NMTC) allocation over the next two years for rural areas. The House version of the legislation’s text was not immediately available, but it is expected to be identical to a version introduced in the Senate in May. That legislation would provide $500 million per year in NMTC allocation for 2023 and 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 $1 billion in allocation would be designated for persistent poverty counties and high out-migration rural counties.
The Novogradac New Markets Tax Credit Handbook is a definitive guide to the NMTC incentive, from application and financing to development and compliance.