authority to raise a certain amount of capital, known as Qualified Equity Investments (QEIs), from investors). In 2001, the first year of the program, the CDFI Fund awarded $1 billion in allocation authority to CDEs, enabling them to raise $1 billion in QEIs from investors, which allowed those investors to reduce their federal tax liability by $390 million, 39% of the amount they invested in the CDEs over seven years. For the investors to be entitled to claim the credits over the seven-year compliance period, the CDEs must use "substantially all" ("Sub All") of the QEIs from investors, to make Qualified Low Income Community Investments (QLICIs) in Qualified Active Low Income Community Businesses (QALICBs) located in Low Income Communities (LICs). These specific terms are defined in the Internal Revenue Code and other federal guidance. Allocation rounds , there had been eight NMTC allocation rounds. Allocation awards for a prior round are typically made within the first quarter of the calendar year after a round. In the eighth round (2010), the CDFI fund awarded the $3.5 billion allocation authority pool (generating $1.365 billion in tax credits) to 99 CDEs chosen from 250 applicants, who had requested allocations totaling $23.5 billion. By 2021, there have been 16 rounds of allocations for a total award amount of over $60 billion. Status of the Program in the Internal Revenue Code The New Markets Tax Credit is outlined in Section 45D of the Internal Revenue Code. Unlike many other tax credit programs (such as the Low-Income Housing Tax Credit Program, which was made a permanent part of the Internal Revenue Code in 1993 under the Clinton administration), as a non-permanent program, the New Markets Tax Credit has required renewal during each session of Congress. Most recently, the New Markets Tax Credit program was extended as part of Section 733 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The NMTC program expired on December 31, 2011, along with several dozen of the so-called "tax extenders". It was retroactively renewed in H.R. 8, the American Taxpayer Relief Act of 2012 for another 2 years until January 2014. U.S. Senators Jay Rockefeller (D-West Virginia) and Roy Blunt (R-Missouri) introduced S.B. 1133, "New Markets Tax Credit Extension Act of 2013" in June 2013 to permanently add New Market Tax Credits to the Internal Revenue Code, however the program expired in January 2014 without the