Push to Renew New Markets Tax Credit Escalates After House Snub

Backers of so-called New Markets Tax Credits are pushing Republican senators to include the popular break in their version of President Donald Trump’s tax-and-spending package before they expire at the end of this year.

Aimed at spurring development in low-income areas, the credits are available to community development entities—which can be banks, mission-driven lenders, or nonprofits. Investors in those entities then receive the credits, and the entities develop projects like health-care facilities or grocery stores. The Treasury Department has given out $40 billion of these credits between 2003 and 2023 for projects across all states, according to the Urban-Brookings’ Tax ...