Novogradac & Co - Published by Peter Lawrence on Monday, March 18, 2019

On March 12, House Ways and Means Committee Members Terri Sewell, D-Ala.; Tom Reed, R-N.Y.; Jason Smith, R-Mo.; and Senators Roy Blunt, R-Mo.; and Ben Cardin, D-Md., introduced the New Markets Tax Credit Extension Act of 2019 (H.R. 1680, S. 750).

The identical companion bills would provide an indefinite extension of the new markets tax credit (NMTC), increase the annual allocation amount to a little more than $5 billion (see below for more details), annually adjust allocation authority to inflation, and provide alternative minimum tax relief to NMTC investors, putting the NMTC on equal footing with the low income housing tax credit (LIHTC) and the historic tax credit.

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