Senators Roy Blunt (R-MO) and Ben Cardin (D-MD) and Representatives Tom Reed (R-NY) and Terri Sewell (D-AL) have introduced the New Markets Tax Credit Extension Act of 2019. This bipartisan legislation would make the New Markets Tax Credit (NMTC) a permanent part of the tax code.

Earlier this year, an uncharacteristically smooth appropriations process allowed lawmakers to pass FY19 spending legislation funding nearly 75 percent of the government. The remaining federal agencies were bundled together in a continuing resolution (CR), which expires at midnight tonight.

Capitol Express is a bi-weekly newsletter summarizing major congressional and regulatory activities affecting affordable housing and community development.

Enterprise offers an insight on the legislative outlook and advocacy strategy in the lame duck session and the 116th Congress, including the current frontrunners for leadership positions on key appropriations and tax committees in both chambers.

Reps. Jason Smith (R-MO-8) and Terri Sewell (D-AL-7) introduced the Rural Jobs Zones Act (H.R. 6627), bipartisan legislation that would expand New Markets Tax Credit (NMTC) allocation authority for projects targeted at certain rural communities.

Earlier this week the Community Development Financial Institutions Fund (CDFI Fund) awarded Enterprise a $50 million New Markets Tax Credit allocation.