Historic Expansion of Housing, Community Development and Green Energy Tax Incentives Included in $1.2 Trillion House Ways and Means Committee Reconciliation Legislation novoco.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from novoco.com Daily Mail and Mail on Sunday newspapers.
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The New Markets Tax Credit (NMTC) program is a shining light for struggling communities, spurring economic development and producing job growth in low-income communities, many of which are areas that have been hit the hardest during the COVID-19 pandemic. Established by the Community Renewal and Tax Relief Act of 2000, the program has been extended several times since its establishment, with the longest extension in its history effective Dec. 27, 2020 through the Consolidated Appropriations Act. This act included a five-year, $25 billion extension of the NMTC program as defined by section 45D of the Internal Revenue Code.
Biden's $2.25 Trillion American Jobs Plan Includes Substantial Housing, Community Development, Climate Change/Green Energy, and Tax Reform Proposals novoco.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from novoco.com Daily Mail and Mail on Sunday newspapers.
Five-Year Extension of New Markets Tax Credit Program
As we have all seen, the COVID-19 pandemic has created economic suffering for each and every one of our communities. However, for those severely distressed, low-income communities which were already struggling to entice new capital investment, the setback is even more severe. That said, the government has made efforts to support those areas most in need through a set of tax provisions attached to the Consolidated Appropriations Act of 2021 (Act). The Act, signed into law on December 27, 2020, includes a five-year, $25 billion extension of the New Markets Tax Credit (NMTC) program, which is the largest extension in the program’s history. Prior to this extension, the NMTC program was set to expire on December 31, 2020, after 20 years of success stories and strong bi-partisan support. Under the Act, the NMTC program will expire on December 31, 2025 .
Reed proposes bipartisan bill to improve investments in low-income communities riponadvance.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from riponadvance.com Daily Mail and Mail on Sunday newspapers.