Time Running Out on Banks’ Push to Preserve Popular Tax Credit

American Banker
Thursday, December 7, 2017

The House of Representatives has passed a tax bill that would do away with the New Markets Tax Credit next year. Banks and other proponents have urged Congress to make the NMTC permanent, as it spurs economic development in low-income communities nationwide by awarding roughly $3.5 billion in annual tax credits to investors in commercial developments.