On May 15, H.R. 3474 by Finance Committee Chairman Ron Wyden (D-Ore.) fell short of the number of votes needed to extend various tax provisions for two years. The measure had passed the Finance Committee with bipartisan support, but fell short on a procedural vote in the Senate, 53-40.
Passage of the measure would revive or extend a host of tax credits, including the New Markets Tax Credit. Apparently wrangling over amendments to the measure derailed its passage.