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Sen. John Hoeven, R-North Dakota, and Sen. Ron Wyden, D-Oregon, this week reintroduced the Move America Act to bring billions of dollars to grow and repair infrastructure through an expansion of private activity bonds and the creation of an infrastructure tax credit. S. 1403 would allocate Move America Bonds to states, based on population size. The legislation would allow smaller states the ability to trade in some or all of their bond allocation for federal tax credits at a 25% exchange rate
Four U.S. Senators today introduced legislation to create tax incentives for small businesses that add employees or investment. Sen. Ron Wyden, D-Oregon, Sen. Ben Cardin, D-Maryland, Sen. Maggie Hassan, D-New Hampshire, and Sen.
Legislation to create a state-level new markets tax credit (NMTC) incentive in Connecticut was introduced in the state General Assembly. S.B. 1108 would create a 100% NMTC for qualified low-income community investments (QLICIs) in nonprofit organizations in 2022 and 2023. The annual statewide cap would be $10 million and the transaction cap would be the lesser of $2 million or 40% of the eligible costs. The credit would be for 10% of the eligible investment for the first two years and 16% for each of the next five years.
President Joe Biden released a $1.5 trillion federal spending outline for fiscal year 2022 today, a discretionary funding request that includes $68.7 billion for the U.S. Department of Housing and Urban Development (HUD), an increase of 15% over 2021 levels. The outline also requests $330 million for the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, a 21% increase from 2021 levels.
The Urban Institute released a brief report about the nation’s housing supply shortage, calling for “policymakers … [to] expand the Low-Income Housing Tax Credit [LIHTC], Section 142 tax-exempt bonds for the development of rental housing, and the New Market Tax Credit [NMTC], each of which has proven effective in promoting development in underserved communities.”
