The National New Markets Tax Credit (NMTC) Coalition is circulating a public sign-on letter in support of the New Markets Tax Credit (NMTC). As you may know, at the tail end of 2015, as part of the PATH Act, the New Markets Tax Credit (NMTC) was extended for five years through 2019. However, this year, Congress is considering a tax overhaul that could put the five-year NMTC extension – and the program itself – in jeopardy.
As Florida’s leading statewide practitioner in the use of NMTCs, we know how projects financed with NMTCs have made tremendous positive impacts in low-income communities. The task before us is to both maintain the provisions of the PATH Act and fight for a permanent authorization and expansion of NMTC.
For this reasons, we are partnering with the NMTC Coalition to stress to Congress the importance of the NMTC to the 1400 NMTC eligible census tracts in Florida, and to all those potential nonprofit borrowers, businesses, trade associations, service providers, community facilities, CRAs and other state and local units of government, and investors who are seeking to use NMTC to create jobs, build and revitalize Florida’s economy and achieve high social impact.
Click here to see if you signed on in November 2014/15.
Sign-on now to support the NMTC by January 25th
in Florida …
The benefits of NMTC have been measurable and targeted, accomplishing a wide range of unique, locally determined, and high priority revitalization, social, and economic development projects… that but for the credit could not have been achieved… projects such as Metropolitan Ministries’ MiraclePlace in Tampa and Pasco County, Lake Point Restoration, CASA in St. Petersburg, U Miami Life Science Research Park, Camillus House in Miami, the DuPont Center in Jacksonville, Hitchcock’s Market in rural northwest Florida, ASPIRA of Florida in Miami (with 2 locations), Cade Museum, Lotus, SW Florida Regional Tech HUB, Central Florida Community Health Centers..
• $970.2 Million in NMTC investments
• $728.2 Million leveraged from other sources
• $1.7 Billion in total project investments
• 139 manufacturing or industrial facilities
• 350 community facilities
• 84 mixed use redevelopment projects
• 13,973 construction jobs
• 9,075 FTE jobs