Recent News
The U.S. Senate voted 67-28 Thursday to pass a two-year, $2.7 trillion discretionary budget agreement, sending the legislation to President Donald Trump, who is expected to sign it. The budget deal, which was passed last week by the House of Representatives, would suspend the federal debt ceiling until July 31, 2021, and contains no provisions to extend expired or expiring tax provisions.
The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.
Rep. Denny Heck, D-Wash., and nine other members of the House of Representatives introduced legislation that if enacted would direct the Community Development Financial Institutions (CDFI) Fund to perform outreach to underserved low-income communities and to encourage investment in Indian country through the New Markets Tax Credit (NMTC) program. The Aiding Development of Vital Assets in Native Communities and Environments Act of 2019 (H.R.
The New Markets Tax Credit (NMTC) Coalition today released its annual report on the NMTC, which includes a survey of community development entities (CDEs). The “New Markets Tax Credit Progress Report” says that the surveyed CDEs used $3.2 billion in NMTC allocation in 2018 to finance 286 developments in 48 states, Puerto Rico and the District of Columbia, with $61 billion in investment to low-income communities.
The Rural Jobs Act was introduced Thursday in the House and Senate to authorize an additional $500 million in annual new markets tax credit (NMTC) allocation for 2019 and 2020 that would go to rural job zones.
