Niagara Leader

Congresswoman Claudia Tenney has introduced the New Markets Tax Credit Extension (NMTC) Act, joined by Representatives Kelly, Sewell, and Davis. The proposed legislation aims to make the NMTC permanent, adjust allocations for inflation in future years, and exempt NMTC investments from the alternative minimum tax.

The NMTC was established under the Community Renewal Tax Relief Act of 2000. It provides a 39% tax credit over seven years for qualifying investments in Community Development Entities (CDEs), which fund business expansions and community projects in economically distressed areas.

Congresswoman Tenney emphasized the importance of making the NMTC permanent: "The New Markets Tax Credit, set to expire on December 31, 2025, has been a cornerstone of economic growth." She highlighted its impact on her district with projects like the GLOW YMCA facility in Batavia, NY.

Congressman Kelly shared similar sentiments: "Over the years, the New Markets Tax Credit has well-proven its worth by revitalizing neighborhoods and cities that need help most." He noted that it created 518 jobs through three projects in Northwestern Pennsylvania.

Congresswoman Sewell remarked on its significance for her district: "In Alabama’s 7th Congressional District, we have seen the power of the New Markets Tax Credit to spur investment."

Representative Davis praised his involvement with NMTC: "I am proud that I was an original sponsor... my Congressional District alone has benefited from over $800 million in allocations."

Lori Chatman from Enterprise Community Partners added her support: "From rural towns to urban neighborhoods... a proven tool for catalyzing economic investment and growth."

The bill also includes several cosponsors from both parties across various states. The focus remains on ensuring continued support for communities needing economic revitalization through this tax credit program.