Treasury Pairs New Markets Tax Credit Awards with Program Reforms

WASHINGTON – The U.S. Department of the Treasury (Treasury) today announced New Markets Tax Credits (NMTC) awards to promote U.S. economic growth. Treasury also announced reforms to focus NMTC awards on community revitalization and ensure NMTC awardees’ compliance with federal anti-discrimination laws.The awards announced today are a double round, covering 2024 and 2025. Secretary Scott K.H. Bessent said, “Under President Trump’s leadership, the One Big Beautiful Bill made the NMTC program permanent. Investors, businesses, and communities now have the long-term certainty they need to plan ahead. With the NMTC program now permanent, it is imperative that these federal incentives are focused on lasting job creation rather than the latest political trends.”The Biden Administration sought to use the NMTC program to support woke DEI and ESG priorities at the expense of the program’s statutory community revitalization purpose.