On November 16, the House passed the Tax Cuts and Jobs Act (H.R. 1) by a 227-205 vote. Under this bill, the final two allocations of New Markets Tax Credit (NMTC) for 2018 and 2019 would be terminated even though they are authorized by the PATH Act. On the same day, the Senate Finance Committee concluded debate on its tax reform bill. Under this bill, the final two years of allocations of the NMTC are preserved. The tax reform bill passed the Senate Finance Committee by a 14-12 vote and will now head to the Senate floor for consideration the week of November 27. Stay tuned for further policy updates and advocacy opportunities to preserve the NMTC.
Tax Reform Bills Move Forward in Both Chambers of Congress
RULES AND GUIDELINES
- Stay on the topic of the article
- Disagreements are fine, insults are not
- No spamming, baiting, slandering, trolling, or doxing
- Comments can be removed at moderator's discretion
- Users can be banned at moderator's discretion