Another bill going nowhere

politicsWith Congress considering sweeping tax reform, H.R. 1098 is likely to die in committee. Here is the CRS summary:

New Markets Tax Credit Extension Act of 2017

This bill amends the Internal Revenue Code to: (1) make permanent the new markets tax credit, (2) provide for an inflation adjustment to the limitation amount for such credit after 2016, and (3) allow an offset against the alternative minimum tax for such credit (determined with respect to qualified equity investments initially made after 2016).

Once again Rep. Tiberi and Rep. Reed seek to cut corporate taxes with new loopholes.

Tom Reed claims:

The impact of NMTC investments in rural communities has been significant. According to a recent report from the NMTC Coalition, the credit delivered a total of $11.6 billion in capital investment to more than 800 rural businesses. These NMTC investments created more than 100,000 jobs.

It isn’t clear that the correlation between the New Markets Tax Credit and new jobs is causal, but it is about politics not facts.


About whungerford

* Contributor at where we discuss the politics, economics, and events of the New New York 23rd Congressional District (Allegany, Cattaraugus, Chautauqua, Chemung, (Eastern) Ontario, Schuyler, Seneca, Steuben,Tioga, Tompkins, and Yates Counties) Please visit and comment on whatever strikes your fancy.
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9 Responses to Another bill going nowhere

  1. Arthur Ahrens says:

    Reed continues to support cutting taxes, therefore burnishing his conservative bonafides.


  2. Arthur Ahrens says:

    We are moving swiftly towards a constitutional crisis.
    Would the moderators of the forum agree?

    If the forum moderators agree, could posts relevant to this crisis be posted?

    Here is a start…

    Thank you.


  3. whungerford says:

    If the President rejected the opinion of the Supreme Court wrt the emoluments clause for example, would that constitute a constitutional crisis? Congress would have to decide if it warranted impeachment.

    Searching for “Constitution” here turns up a number of articles, but I don’t recall one on Constitutional crises; perhaps you would submit one.


  4. Arthur Ahrens says:

    I’ll post as I find them.


  5. Arthur Ahrens says:

    Thank you.


  6. Rynstone says:

    This level of narcissism has not been seen since …. well quite frankly since former President Barack Obama. Egos bigger than anyone can imagine and the word “humble” not being in either of their vocabulary.


  7. Pingback: Deleted from facebook | New NY 23rd

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