NEW MARKETS TAX CREDIT COALITION POLICY CONFERENCE JUNE 7, 2011 Bob Rapoza Rapoza Associates Washington, DC
By the Numbers: 112th Congress 118: Number of new Members of Congress 9:
Number of new members of House Ways & Means Committee
3:
Number of new members of Senate Finance Committee
By the Numbers: Debt & Deficit $2.4 Trillion: Amount of debt limit increase requested by President
$1 Trillion: “Down-payment” on the deficit under consideration by VP Biden and others
$84 Billion: Total cuts in domestic discretionary spending approved by House of Representatives
55: Number of days until government reaches debt limit
By the Numbers: Tax Expenditures 30:
Number of extenders included in 2010 Tax Relief, Unemployment Insurance & Job Creation Act
$55 Billion: Cost of extenders package $1.8 Billion: Cost of 2-year extension of NMTC $1.28 Billion: Cost of 1-year extension of NMTC with $5 billion in Credit authority
New Markets Tax Credit Extension Act of 2011 (S. 996) Highlights: • $5 billion per year
Co-sponsors: Sen. Jay Rockefeller (D-WV) Sen. Olympia Snowe (R-ME)
Sen. Scott Brown (R-MA) • 5 years (2011- 2016) Sen. Jeff Bingaman (D-NM) Sen. Robert Casey (D-PA) • AMT relief for investors Sen. Kirsten Gillibrand (D-NY) Sen. John Kerry (D-MA) Sen. Amy Klobuchar (D-MN) Sen. Patrick Leahy (D-VT) Sen. Chuck Schumer (D-NY) Sen. Ron Wyden (D-OR)
BY THE NUMBERS: UNEMPLOYMENT 9.1 – the percent of people unemployed as of May 31, 2012
NEW MARKETS TAX CREDIT COALITION www.nmtccoalition.org (202) 204-4500
