National League of Cities Supports New Markets Tax Credit Extension
Washington, D.C. - National League of Cities (NLC) President Chris Coleman, mayor of Saint Paul, Minn. today released this statement after the New Markets Tax Credit Extension (H.R. 4365) legislation was introduced in the U.S. House of Representatives:
"We are glad to see bipartisan legislation introduced that would make permanent the New Markets Tax Credit (NMTC). Since the program was established in 2000, low-income communities have seen more than $60 billion in private investment and 500,000 jobs that have been attributed to the NMTC. The program has provided critical capital for businesses in economically-distressed communities, leading to increased economic development, private investment and the creation of new jobs in our nation's cities.
"We thank Reps. Jim Gerlach (R-PA) and Richard Neal (D-MA) for introducing the legislation, and we hope to see the bill come to a floor vote soon. Since the NMTC expired in 2013, our nation's cities can't afford to wait; we need to make the NMTC permanent to ensure investment continues in traditionally overlooked communities."
The National League of Cities (NLC) is dedicated to helping city leaders build better communities. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans.