ABA backs bipartisan new markets tax credit extension bill

The American Bankers Association yesterday wrote to House and Senate Finance Committee leaders in support of the bipartisan New Markets Tax Credit Extension Act, sponsored by Reps. Claudia Tenney (R-N.Y.) and Terri Sewell (D-Ala.) and Sens. Ben Cardin (D-Md.) and Steve Daines (R-Mont.) The bill would make the NMTC permanent, providing consistent access for small businesses, investors and community development professionals and fostering long-term economic growth.

“NMTC has a 20-year track record of providing flexible incentives for economic development, meeting the ever-evolving needs of diverse industries and communities across the country,” ABA wrote. “This act would allow banks and other stakeholders deliver substantial investment and promote greater economic growth in economically distressed rural, urban and tribal communities.”