{"database": "press", "table": "releases", "rows": [["https://www.blunt.senate.gov/news/press-releases/blunt-cardin-secure-long-term-extension-of-job-creating-new-markets-tax-credit-program", "Blunt, Cardin Secure Long-Term Extension of Job-Creating New Markets Tax Credit Program", "2020-12-22", "2020", "2020-12", "Republican", "House", "MO", "Roy Blunt", "B000575", "www.blunt.senate.gov", null, null, "legacy", "WASHINGTON - Today, U.S. Senators Roy Blunt (Mo.) and\r\nBen Cardin (Md.) announced the New Markets Tax Credit (NMTC) program has been\r\nextended for five years with a $5 billion annual authorization. The NMTC\r\nprogram promotes investment in underserved communities by providing a 39\r\npercent federal tax credit over seven years for businesses or economic\r\ndevelopment projects in areas with poverty rates of at least 20 percent, or\r\nmedian incomes at or below 80 percent. The NMTC extension was included as part\r\nof the FY21 government funding bill. The New Markets Tax Credit program has a proven record of\r\ncreating jobs and spurring economic growth in communities where it's needed\r\nmost, said Blunt. In Missouri, NMTC has supported over 400 businesses\r\nand economic revitalization projects, bringing in a total of $4.3 billion in\r\nnew investments. The NMTC program has helped build new affordable housing and\r\nchildcare facilities, created thousands of jobs, and expanded access to social\r\nservices. I'm glad we were able to secure a long-term extension for this\r\nbipartisan program, which will support economic development and create new jobs\r\nin underserved communities. The New Markets Tax Credit has broad bipartisan support in\r\nCongress because of its demonstrated ability to drive investment in some of the\r\nmost vulnerable communities in the country. In Maryland, the program has been\r\nintegral to many community development projects from an affordable housing\r\nproject in Baltimore to a multicultural center for low-income families in\r\nLangley Park, said Cardin. With a new five-year extension, the NMTC\r\nwill continue to spur investment and economic development in underserved\r\ncommunities for years to come. In December 2019, Blunt and Cardin secured\r\na one-year extension with a $1.5 billion allocation increase for the NMTC\r\nprogram, which was originally authorized in 2000 as part of the Community\r\nRenewal Tax Relief Act. According to the Treasury\r\nDepartment, every $1 in NMTC tax credits leverages $8 in private-sector\r\ninvestment. Direct NMTC investments have generated more than 1,000,000 jobs and\r\n$90 billion in capital from other sources, all of which was invested in\r\ncommunities with high poverty and unemployment rates.", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.blunt.senate.gov/news/press-releases/blunt-cardin-secure-long-term-extension-of-job-creating-new-markets-tax-credit-program"], "units": {}, "query_ms": 1.4909091405570507, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}