Trump Signs Funding Bill with NMTC, PTC Extensions

Monday, December 23, 2019 - 9:15am

President Donald Trump late Friday signed two budget bills totaling $1.4 trillion–bills that include a one-year extension of both the new markets tax credit (NMTC) and renewable energy production tax credit (PTC), as well as an estimated $1 billion in low-income housing tax credit (LIHTC) allocation authority for California. The two measures fund the government for fiscal year 2020, which ends Sept. 30, 2020. One bill includes an extension of the NMTC through calendar year 2020 with $5 billion in allocation authority, an extension of the PTC through Dec. 31, 2020, at 60 percent of the 2015 level and an extra allocation of LIHTCs to California due to the wildfires in 2017 and 2018.