Shenango Valley News

U.S. Representatives Mike Kelly and Claudia Tenney have reintroduced the New Markets Tax Credit Extension Act, aiming to make the tax credit permanent. The legislation also proposes indexing allocations to inflation and exempting NMTC investments from the alternative minimum tax.

The New Markets Tax Credit (NMTC), established under the Community Renewal Tax Relief Act of 2000, provides a 39% tax credit over seven years for investments in Community Development Entities (CDEs). These entities use the funds for various community projects, including business expansions and health centers in low-income areas.

Rep. Kelly emphasized the NMTC's impact on job creation, stating it has led to "518 new jobs from three projects in Northwestern Pennsylvania." He expressed pride in supporting the legislation again, noting its role in revitalizing communities across America.

Congresswoman Tenney highlighted its significance for economic growth and development projects like New York's GLOW YMCA facility. She stated that making NMTC permanent would ensure continued support for rural communities by fostering job creation.

Congresswoman Sewell noted that NMTC has spurred investment and growth in Alabama’s underserved areas. She called it a "critical tool" for job creation and urged Congress to make it a permanent part of the tax code.

Congressman Davis shared his district's success with over $800 million allocated through NMTC, which created thousands of jobs. He joined other representatives to push for making these credits permanent.

Lori Chatman from Enterprise Community Partners praised NMTC's transformative impact on neighborhoods through essential project funding. She supported Congresswoman Tenney's efforts and urged swift congressional action to preserve this tool before its expiration.

Additional cosponsors include Rep. Gwen Moore, Rep. Linda Sanchez, Rep. Beth Van Duyne, among others from both parties.