Senators Introduce Bill to Focus NMTC Allocation on Indian, Native Lands

Monday, January 13, 2020 - 11:45am

A bipartisan group of four U.S. senators last week introduced a bill that would require that 10 percent of the annual new markets tax credit (NMTC) allocation would be made to community development entities (CDEs) for investment in developments in Indian and Native lands. Sens. Lisa Murkowski, R-Alaska; Dan Sullivan, R-Alaska; Brian Schatz, D-Hawaii; and Mazie Hirono, D-Hawaii, introduced the Inspiring Nationally Vibrant Economies Sustaining Tribes (INVEST) Act of 2020, which defines what CDEs meet requirements to receive allocations and provides a definition for Native community development financial institutions. The bill also would establish a technical assistance pilot program to help Indian CDEs apply for NMTC allocations.