The New Markets Tax Credit (NMTC) has been granted a permanent extension as part of the spending bill H.R.1, signaling a long-term commitment to fostering economic growth in underserved communities. This development is celebrated by the NMTC Coalition, highlighting the bipartisan effort behind the credit’s success since its inception in 2000. The NMTC has been instrumental in leveraging over $143 billion in capital investment and creating more than 1.2 million jobs across the United States, demonstrating its effectiveness as a tool for community economic development.

Key figures such as Senator Crapo (R-ID), Senator Daines (R-MT), Rep. Jason Smith (R-MO), and Rep. Tenney (R-NY) have been acknowledged for their pivotal roles in advocating for the credit. The permanence of the NMTC is expected to deliver $100 billion in capital to underserved regions, support over 4,000 businesses and projects, and generate nearly 70,000 rural manufacturing jobs, among other benefits. This move ensures stability for investors and businesses, enabling continued support for high-impact investments that prioritize local community needs.

The NMTC’s journey to permanence has been marked by temporary extensions, the most recent being a five-year, $25 billion extension in 2021. With its latest achievement, the program avoids another potential expiration in 2025, securing its place as a cornerstone of economic development policy. The NMTC’s impact extends beyond economic metrics, contributing to healthcare expansion, education and training investments, and affordable housing, showcasing its comprehensive approach to revitalizing low-income communities.

Phil Glynn, NMTC Coalition Board President, emphasized the significance of this milestone, noting the program’s role in providing jobs, business opportunities, and capital to areas most in need. The NMTC’s permanent extension is a testament to the enduring bipartisan support for initiatives that address economic disparities and foster inclusive growth across the nation.

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