ABA Letter to House and Senate Supporting New Markets Tax Credit Extension Act (H.R. 1103/ S. 479)

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

On behalf of the American Bankers Association1 (ABA), I am writing to express our strong support for the bipartisan New Markets Tax Credit (NMTC) Extension Act (H.R. 1103/ S. 479), recently introduced by Representatives Claudia Tenney (R-NY-24) and Terri Sewell (D-AL-7) and Senators Steve Daines (R-MT) and Mark Warner (D-VA). By making NMTCs 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 throughout the country.

New Markets Tax Credits are an important source of financing for critical community development projects including childcare facilities, health centers, vocational programs, and small business incubators—and the NMTC program has a twenty-five-year track record of providing flexible incentives for economic development, meeting the ever-evolving needs of diverse industries and communities across the country.

The New Markets Tax Credit Extension Act would further enable banks and other stakeholders to deliver substantial investment and promote greater economic growth in economically distressed rural, urban, and tribal communities.

This proposal has garnered strong bipartisan support in both the House and Senate, and ABA urges Congress to advance this important legislation.

Sincerely,

Kirsten Sutton