Senate, House Bills Call for Permanent Extension of the NMTC at $5 Billion
Reps. Terri Sewell, D-Alabama; Tom Reed, R-New York; Sens. Ben Cardin, D-Maryland; and Roy Blunt, R-Missouri; yesterday introduced House and Senate versions of the New Markets Tax Credit (NMTC) Extension Act of 2021. The legislation would permanently extend the NMTC at $5 billion in annual credit authority, adjust that amount for inflation in future years and provide an exception from the alternative minimum tax (AMT) for NMTC investments. This legislation builds on recent Congressional action in support of the NMTC, including the passage of the Consolidated Appropriations Act, which extended the NMTC through 2025.
Prepare for the future of the NMTC incentive with the Novogradac New Markets Tax Credit Handbook.