Rep. Knezek offered the following concurrent resolution:

            House Concurrent Resolution No. 26.

            A concurrent resolution to memorialize the Congress of the United States to support investment in low-income and rural communities by extending and expanding the New Markets Tax Credit Program.

            Whereas, Established by the Community Renewal Tax Relief Act of 2000, the New Market Tax Credit (NMTC) Program seeks to encourage new or more substantial business or real estate investments in low-income and rural communities. In exchange for providing capital support in these communities, investors making equity investments into specialized financial institutions, referred to as Community Development Entities, may obtain a credit valued up to 39 percent of their original investment, claimed over a span of seven years, on their federal income tax return. Community Development Entities use these investments to provide loans, investments, and financial counseling to area businesses and real estate projects; and

            Whereas, The NMTC Program has proven it can attract private capital to economically disadvantaged communities, create jobs, generate new business opportunities, and improve local economies. Since 2003, the NMTC has spurred $60 billion in capital investments and created 550,000 jobs in low-income and rural communities. The capital infused by these projects has been used to resurrect manufacturing facilities, reopen vacant commercial spaces, and revitalize neighborhoods. The NMTC creates jobs in areas that need them the most and increases property taxes for cash-strapped local governments. Moreover, it has produced an efficient investment-to-credit ratio. The federal NMTC generates $8 in private investments for every $1 provided in federal credits; and

            Whereas, Despite the unquestioned benefit on our hardest hit communities, the NMTC was allowed to expire in 2013. Low-income and rural communities need this credit program restored to help in their ongoing effort to rebuild and revitalize their communities. In addition, legislation like S. 1133 of 2013 that permanently affixes the credit to the Internal Revenue Code and sets the maximum credit limit to be annually adjusted for inflation will provide a boost to our communities for years to come. Congress should take the actions necessary to restore this program and expand the credit; now, therefore, be it

            Resolved by the House of Representatives (the Senate concurring), That we memorialize the Congress of the United States to support investment in low-income and rural communities by extending and expanding the New Markets Tax Credit Program; and be it further

            Resolved, That copies of this resolution be transmitted to the President of the United States Senate, the Speaker of the United States House of Representatives, and the members of the Michigan congressional delegation.