The authorization for the New Markets Tax Credit (NMTC) is set to expire at the end of 2019 and Congress has begun working on a plan for extending this valuable community development tool. The House and Senate are each pursuing their own paths to extend the NMTC.
Despite a challenging outlook for the FY 2020 budget and appropriations process, the 116th Congress brings opportunity to introduce CDFIs to newly elected Members of Congress and new leadership on key committees. In both the House and Senate, new leadership and members resulted in changes in the composition of committees of jurisdiction over issues impacting the CDFI industry, in particular CDFI Fund appropriations and the New Markets Tax Credit program.
On November 9, the Senate Finance Committee released the Chairman’s mark of the “Tax Cuts and Jobs Act,” as well as a
Washington, D.C. (October 3, 2017)—The Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has established a plan for releasing updated program eligibility information based upon Census Bureau data from the 2011-2015 American Community Survey (ACS).