Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) cosponsored the New Markets Tax Credit Extension Act to permanently authorize the New Markets Tax Credit and promote investments in Nevada communities.
“This legislation will provide an economic lifeline to underserved communities that have historically experienced a lack of investment, stifling the potential for small business owners to succeed. The New Markets Tax Credit has brought economic prosperity to thousands since its inception, and permanently authorizing the tax credit will only improve its ability to lend a helping hand to entrepreneurs in low-income areas throughout Nevada. I will continue to work on behalf of Nevadans and small business owners to see that they get the tools and resources they need to prosper.”
The bill was introduced by U.S. Senator Roy Blunt (R-Mo.) and cosponsored by Senators Charles Schumer (D-N.Y.), Benjamin Cardin (D-Md.), Kirsten Gillibrand (D-N.Y.), Roger Wicker (R-Miss.), Rob Portman (R-Ohio), Debbie Stabenow (D-Mich.), Sherrod Brown (D-Ohio), Shelley Moore Capito (R-W.V.), Maria Cantwell (D-Wash.), Steve Daines (R-Mont.), John Boozman (R-Ark.), Tina Smith (D-Minn.), Cindy Hyde-Smith (R-Miss), Chris Van Hollen (D-Md.), Tim Scott (R-S.C.), Patty Murray (D-Wash.) and Susan Collins (R-Maine).
The New Markets Tax Credit was introduced in 2000, and incentivizes community development and economic growth through the use of tax credits that attract private investment to lower-income communities. This legislation has financed over 5,400 businesses, and generated $8 of private investment for every $1 of federal funding, as well as created 178 million square feet of manufacturing, office, and retail space. This bill will amend the Internal Revenue Code to make this program permanent.