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Opening Statement of Ranking Member Patrick J. Tiberi Subcommittee on Select Revenue Measures Joint Hearing on Issues Involving the New Markets Tax Credit Program

June 18, 2009

(Remarks as Prepared)

Thank you, Chairman Neal for yielding.  I’d also like to welcome Chairman Watt and Ranking Member Paul to the hearing room of the Ways and Means Committee.

As we all know, the New Markets Tax Credit, created by Congress is 2000, is intended to encourage investment in impoverished areas.  Since then, Congress has extended the credit and created additional authorization for the program several times.

Ohio has been very successful in winning New Markets Tax Credit awards.  In fact, organizations based in Ohio were awarded more than $1 billion through the first 6 rounds of NMTC awards that occurred from 2003 through 2008.  I’ve seen the wonderful impact these credits and the projects they support have had on communities across the state, and specifically in my hometown of Columbus.

The authorization for the program is currently set to expire at the end of this year.  Chairman Neal has been a leader in supporting the New Markets Tax Credit and it is a pleasure to join him as a cosponsor of his legislation to extend the program.

With that, Mr. Chairman, thank you.  Thank you also to our witnesses.  We’re happy to have you here today and look forward to your testimony.