Lawmakers and advocates are pushing New Markets Tax Credit to be permanent as they believe that the program lacks permanence poses.
What is the New Markets Tax Credit?
Since some low-income communities are struggling with their small businesses, it is hard for them to deal with financial difficulties.
With the help of the New Markets Tax Credit program, it will help them cope with the issue.
According to the Community Development Financial Institution Fund, the New Markets Tax Credit program attracts private capital into low-income businesses by providing tax credits to these private businesses.
The New Markets Tax Credit program also provided assistance to more than 10,800 businesses.
Pushing New Markets Tax Credit to be Permanent
For several years, lawmakers have been extending the New Markets Tax Credit to help people in low communities.
And now, these lawmakers and others advocates are pushing the New Markets Tax Credit to be permanent as they believe it lacks permanence poses.
One of them is Chris Huang of the Action Opportunity Fund of New Markets Tax Credits Program.
He believes that the lack of permanence is causing a lot of challenges for them
“Now, I mean if you can imagine trying to run a business – but then not knowing if the program that you’re in or the type of industry that you’re in is only kind of there for five years or something,” said Huang, as quoted by Public News Service.
With the aim of making it permanent, Huang and other lawmakers said that they will do everything for New Markets Tax Credit and help more people in the future.