Last month, Representatives Jason Smith (R-MO) and Terri Sewell (D-AL), introduced H.R. 6627, the Rural Jobs Zone Act of 2018. The legislation would provide an additional $500 million in New Markets Tax Credit (NMTC) allocation in the 2018 and 2019 funding rounds targeted to rural areas.
The additional allocation would be targeted to Rural Jobs Zones, which are NMTC-eligible census tracts located in certain low-income rural communities. Of the $1 billion in new allocation, at least 25 percent would be set-aside for community development entities (CDEs) targeting non-metropolitan persistent poverty counties (PPCs) and high migration rural counties.
The Rural Jobs Zone Act could help stimulate economic development in areas often ignored by traditional investors, creating jobs, and revitalizing distressed rural communities nationwide.
Representatives Smith and Sewell are currently seeking cosponsors to garner additional support for the bill. OFN is working with the New Markets Tax Credit Coalition to encourage Members of the House of Representatives to cosponsor the legislation. Visit the Policy Action Center to contact your Representative and ask them to support the Rural Jobs Zone Act of 2018.