Exciting news from the NMTC Coalition as they applaud Representatives Claudia Tenney (R-NY) and Terri Sewell (D-AL) for introducing the New Markets Tax Credit (NMTC) Extension Act of 2023. The bipartisan effort aims to provide much-needed resources to low-income and marginalized communities through the establishment of NMTC as a permanent part of the tax code. The legislation permanently extends the NMTC at $5 billion in annual credit authority and adjusts that amount for inflation in future years. The NMTC has a clear track record of creating jobs and bringing much-needed economic development to underserved areas. Since 2021, $63.4 billion in NMTC allocation has been deployed to 7,615 projects and businesses, totaling $120.5 billion in total project investment, resulting in more than one million total jobs in all 50 states.

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