July 28, 2011

House Proposes 5-Year Extension of NMTC Program

On July 26, 2011, Pennsylvania Congressman Jim Gerlach introduced the New Markets Tax Credit Extension Act of 2011 along with five co-sponsors. The bill would extend the New Markets Tax Credit (NMTC) program for five years with $5 billion in annual credit allocation authority. The bill also includes an Alternative Minimum Tax (AMT) provision that would provide relief for NMTC investments and put the NMTC on par with other tax credit programs that currently provide AMT relief. Rep. Gerlach has circulated a letter to Members of Congress asking them to sign on as co-sponsors of the NMTC extender bill. In support of Rep. Gerlachs initiative, we ask that you contact your states representatives today and ask them to join the bill as a co-sponsor. In order to join, representatives should contact Lori Prater with Rep. Gerlach (lori.prater@mail.house.gov, 202-225-4315) or Kara Getz with Rep. Neal (kara.getz@mail.house.gov, 202-225-0547). For more information on how you can support advocacy initiatives for the NMTC Program, visit the NMTC Coalition website and click on the Advocacy Tab to access all advocacy materials including program fact sheet, copies of Senate and House bills and state profiles of NMTC activity. If you have any questions or want additional information on the New Markets Tax Credit Program, please contact Gary Perlow, Director, New Markets Tax Credit Practice, at gary.perlow@reznickgroup.com. To learn more about Reznick Group and our services, please visit www.reznickgroup.com