New Bill Would Increase and Make Permanent the New Markets Tax Credit Program

Last week the “Invest in the United States Act of 2014” was introduced into the House of Representatives as H.R. 3939. If enacted, this Act would be permanently extend the Federal New Markets Tax Credit Program. The Act would also establish an annual allocation of Federal New Markets Tax Credit authority of $5 billion, indexed for inflation. The Invest in United States Act of 2014 has been referred to the House Commitee on Ways and Means, Transportation and Infrastructure, and Education and the Workforce.