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Congress Pushes for Permanent NMTC Program

WASHINGTON, DC-A bipartisan group of Congress people are urging the House of Representatives to make the New Markets Tax Credit program permanent.

By Erika Morphy | Updated on November 03, 2013

WASHINGTON, DC-The New Market Tax Credit program is set to expire at the end of the year, along with the usual grab bag of business tax credits known as extenders. A group of Congresspeople are lobbying the House of Representatives to make the tax credit permanent as part of the push for comprehensive tax reform.

Briefly, the federal New Markets Tax Credit program, which is administered by the Treasury Department, encourages private-sector investment in economically distressed communities through tax incentives. Since the program’s inception, the Treasury has awarded more than $36.5 billion in allocations.

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