Yesterday, the House Ways and Means Committee released HR1, the Tax Cuts and Jobs Act. South Carolina Community Loan Fund stands with community development organizations opposed to the elimination of the New Markets Tax Credit.

The New Markets Tax Credit program aims to generate investment in low-income communities across the country. According to the New Markets Tax Credit Coalition, from 2003-2014 NMTCs have financed 61 projects across South Carolina. These projects have created 9,402 construction jobs and 4,894 full-time jobs, and have driven investments in our communities of more than $1.2 billion.

This program was authorized through 2019 as part of the 2015 PATH Act. The House Ways and Means Committee begins markup on HR1 on Monday, so the time to act is now. Please contact the Committee at (202) 225-3625 to ask them to restore the NMTC for 2018 and 2019.

On behalf of the South Carolinians whose lives are improved by NMTC projects, thank you for supporting this vital program.

To learn more about how the NMTC creates opportunity in South Carolina, visit the New Markets Tax Credit Coalition online.