MI HCR0026

Memorializes Congress to extend and expand the New Markets Tax Credit (NMTC) Program, established by the Community Renewal Tax Relief Act of 2000, which provides investors with federal tax credits up to 39 percent of their equity investments in Community Development Entities serving low-income and rural communities.

Notes the NMTC Program has generated $60 billion in capital investments and created 550,000 jobs in disadvantaged communities since 2003, producing an 8-to-1 ratio of private investment for every $1 in federal credits.

States the NMTC Program expired in 2013 and advocates for permanent restoration and expansion through legislation like S. 1133 of 2013, which would permanently fix the credit in the Internal Revenue Code and adjust the maximum credit limit annually for inflation.

Directs copies of the resolution be sent to the President of the United States Senate, Speaker of the United States House of Representatives, and Michigan's congressional delegation.