Rep. Terri Sewell (AL-07) was among other representatives to introduce a bill that would extend a tax credit bill serving as a "source" of financing for businesses in underserved, rural areas.
The bill is titled the New Markets Tax Credit Extension Act, which would be a "permanent fixture" to the New Markets Tax Credit or NMTC passed in 2000 and set to expire on Dec. 31, 2025.
"The NMTC provides private investors with a 39 percent credit against federal income taxes for investments made in some of the most distressed communities in the nation," said an announcement on Sewell's website.
"This bill makes the NMTC a permanent part of the Internal Revenue Code, indexes allocation levels to inflation in future years, and exempts NMTC investments from the Alternative Minimum Tax (AMT)."
Sewell commented in her announcement that the extension would promote job creation in the seventh district of Alabama. She introduced the bill with Reps. Claudia Tenney (NY-24), Danny Davis (IL-07), and Mike Kelly (PA-16).
“In Alabama’s 7th Congressional District, we have seen firsthand the power of the New Markets Tax Credit to spur investment and incentivize economic growth in some of our most vulnerable and underserved communities,” she said.
“The New Markets Tax Credit remains a critical tool to promote job creation and provide opportunities to those who need them most. We must ensure that this tool is made a permanent part of our tax code, and that’s exactly what this legislation would do.”
Cosponsors of the bill include the following:
Rep. Miller (R-WV), Rep. Ferguson (R-GA), Rep. Fitzpatrick (R-PA), Rep. Schweikert (R-AZ), Rep. Smucker (R-PA), Rep. Wenstrup (R-OH), Rep. LaHood (R-IL), Rep. Yakym III (R-IN), Rep. Steube (R-FL), Rep. Carey (R-OH), Rep. Buchanan (R-FL), Rep. Van Duyne (R-TX), Rep. Blumenauer (D-OR), Rep. Sánchez (D-CA), Rep. Higgins (D-NY), Rep. DelBene (D-WA), Rep. Chu (D-CA), Rep. Moore (D-WI), Rep. Kildee (D-MI), Rep. Beyer (D-VA), Rep. Evans (D-PA), Rep. Panetta (D-CA).
See a copy of the extension act here.
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