(Phil Glynn is the vice president of economic development for Travois.)
In recent weeks, supporters of an extension of the New Markets Tax Credit (NMTC) have seen two encouraging signs. First, in his 2014 budget, President Obama included proposals to make the NMTC a permanent program — one that would serve low income communities with certainty year-to-year the way the Low Income Housing Tax Credit (LIHTC) does. Second, with an eye on tax reform in this and coming Congresses, the House of Representatives has convened numerous working groups to explore issues that will surface in any eventual reform debate. Travois participates in both the New Markets Tax Credit Coalition and the New Markets Tax Credit working group. Both organizations are reaching out to the Congressional working groups to tell the positive stories of what the NMTC has achieved since its inception.
Watch our blog for information about specific bill names and numbers in the coming months. But for now, if you are visiting Washington, D.C. or talking with your member of Congress or Senators in-state, please stress to them the NMTC must be extended and made permanent. Travois has used this program to assist with $200 million in vital Indian Country projects that could not have otherwise happened. Across the country, this program has pumped billions into manufacturing, health care, education and infrastructure in economically-distressed areas. Let Congress know you support this powerful tool for positive economic change in Indian Country.
Visit www.newmarketstaxcreditcoalition.org for up-to-the-minute information on the push to re-authorize the NMTC.