On November 2, the House Ways and Means Committee released H.R. 1, "Tax Cuts and Jobs Act." H.R. 1 repeals the New Markets Tax Credit (NMTC) and terminates the final two years of NMTC allocations, which were authorized through 2019 under the PATH Act passed by Congress in 2015.
The House Ways and Means Committee is expected to be done marking up the bill on November 10. The Senate Finance Committee is expected to release its version of the tax reform proposal by November 10.
Now is the time to take action to preserve NMTC!
You can contact members of Congress by email, call, or tweet to ask them to preserve the NMTC and share how the NMTC has benefited their district/state. Also, encourage organizations and businesses that you have worked with and who have benefited from the NMTC to reach out to the House Ways and Means Committee, Senate Finance Committee, and cosponsors of the NMTC Extension Act.
- House: Contact Members of the House Ways and Means Committee and urge them to restore the NMTC for 2018 and 2019 as authorized in the PATH Act. Click here for the Committee list.
- Senate: Contact members of the Senate Finance Committee and Senators who are cosponsors of the NMTC Extension Act (S. 384). Urge them to preserve the NMTC in the Senate's tax proposal. Click here for the Committee List and here for the Senate NMTC Extension Act cosponsors.
OFN is continuing to monitor the House Ways & Means markup and reaching out to Members of the House Ways and Means Committee, Senate Finance Committee, and Senate NMTC Extension Act cosponsors to advocate for the preservation of NMTC. We cannot achieve that goal without your voice, your impact stories, and your influence.
Thank you for your continued advocacy and leadership as we work with you and our partners, including the NMTC Coalition, to preserve the NMTC.
For the latest policy updates, follow us on Twitter at @OppFinance.