In response to the decline in manufacturing jobs in certain parts of the Country, the Manufacturing Communities Investment Act was introduced to the Senate. This Bill which would extend the Federal new markets tax credit (NMTC) Program through 2016 with an increase in the annual NMTC allocation from $3.5 billion to $5 billion in calendar years 2014, 2015 and 2016. In addition the Bill would authorize an additional $1 billion in NMTC allocation for 2014, 2015, and 2016 which would be allocated by the CDFI Fund to CDEs whose mission is investments in communities affected by major manufacturing job losses. The Bill has been referred to the Senate Finance Committee.
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