Economic Stimulus: New Markets Tax Credit

On the heels of the opening of the most recent round of New Markets Tax Credit ("NMTC") competition, the Senate Finance Committee (the "Committee") released its economic recovery provisions to be included as part of the economic stimulus package currently being negotiated by Congress. The authorization of an additional $1.5 billion in NMTCs for each of 2008 and 2009 was included as a provision by the Committee. In addition, 2009 NMTCs made after the date of enactment of the final stimulus bill could be used against alternative minimum tax liability if the Committee's provisions are adopted.