A new report conducted by the New Markets Tax Credit Coalition finds that the New Markets Tax Credit (NMTC) has spurred private investment in economically distressed communities to finance a wide range of businesses, create jobs, and jump start local economies. Specifically the report says that NMTCs made $2.3 billion in investments in 363 business in 46 states plus the District of Columbia in 2011. These investments financed projects such as community health centers, industrial manufacturing, small businesses, commercial retail, and green energy businesses in both rural and urban areas. Most importantly, these investments are being made in communities hit hardest by the recent economic downturn, evidenced by the fact that over 60 percent of NMTC investments made in 2010 went to communities with unemployment rates of at least 1.5 times the national average. The NMTC program expired in December 2011 and is among a number of tax credits awaiting congressional renewal.
Click here to read the report.
Click here to learn how you can help to support an extension to the NMTC program.
