New Markets Tax Credit Extension Act of 2023
Latest Action
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 118-555.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™The New Markets Tax Credit Extension Act of 2023 is a Senate bill introduced in the 118th Congress aimed at extending the New Markets Tax Credit (NMTC) program. The NMTC program is designed to incentivize private investment in low-income communities by providing tax credits to investors who make qualified equity investments in Community Development Entities (CDEs). The bill's latest recorded action was a hearing held by the Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development on April 16, 2024. The bill status is noted as failed or expired, and no full text or official summary is available in the source data. The policy area is taxation, focusing on economic development through tax incentives.
This bill sought to extend a tax credit program aimed at stimulating investment in economically distressed communities but did not advance beyond committee hearings and is currently failed or expired.
- The bill proposes an extension of the New Markets Tax Credit program, which encourages investment in low-income areas.
- The latest legislative activity was a subcommittee hearing held on April 16, 2024, with no further progress recorded.
- The bill is categorized under the taxation policy area and originated in the Senate during the 118th Congress.
['Investors who participate in the New Markets Tax Credit program', 'Community Development Entities (CDEs) that receive investments', 'Low-income and economically distressed communities targeted by the program']
['Lack of available full bill text and official summary limits detailed understanding of specific provisions and implementation mechanisms.', "The bill's failure or expiration status indicates potential challenges in legislative support or prioritization.", 'Potential fiscal impact on federal revenues due to extended tax credits requires consideration.']
The New Markets Tax Credit program has been periodically extended by Congress to support economic development in underserved communities. This bill represents an effort to continue that support during the 118th Congress. The legislative process included committee hearings but did not result in enactment, reflecting the complexities of tax legislation and competing legislative priorities.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['If extended, the NMTC program could encourage increased private investment in low-income communities, potentially leading to economic development and job creation.', 'Extension of tax credits may influence investor behavior and capital allocation decisions in targeted areas.', 'Failure to extend the program could result in reduced investment incentives for economically distressed communities.']
The absence of a full bill text and official summary limits comprehensive analysis and public understanding of the bill's specific provisions. Transparency around fiscal impacts and detailed legislative progress is essential for informed public oversight. The bill's failure or expiration status should be clearly communicated to stakeholders tracking the program's continuation.
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