ABA Supports the New Markets Tax Credit (NMTC) Extension Act (H.R. 2539/ S. 234)

Dear Chairmen Smith and Wyden and Ranking Members Neal and Crapo:

On behalf of the American Bankers Association (ABA), I am writing to express our strong support for the bipartisan New Markets Tax Credit (NMTC) Extension Act (H.R. 2539/ S. 234) sponsored by Representatives Claudia Tenney (R-NY-24) and Terri Sewell (D-AL-7) and Senators Ben Cardin (D-MD) and Steve Daines (R-MT). By making NMTC permanent, our nation’s small businesses, investors, and community development professionals will have consistent access to the vital resources needed to improve our nation’s communities while generating long-term economic growth.

NMTC is an important source of financing for critical community development projects such as childcare facilities, health centers, vocational programs, and small business incubators.  NMTC has a twenty-year track record of providing flexible incentives for economic development, meeting the ever-evolving needs of diverse industries and communities across the country. This act would allow banks and other stakeholders deliver substantial investment and promote greater economic growth in economically distressed rural, urban, and tribal communities.

These proposals have garnered strong bipartisan support in both the House and Senate, and ABA urges all Members of Congress to please join in cosponsoring these important pieces of legislation. ABA further requests quick consideration of these bills in both the Ways and Means and Finance Committees.

Sincerely,

Kirsten Sutton