The New Markets Tax Credit Coalition recently released the New Markets Tax Credit Economic Report for 2003 to 2012 entitled “Measuring the Direct and Catalytic Impact of New Markets Tax Credit Investments in Low Income Communities”. According to the report, New Markets Tax Credit (NMTC) investments are responsible for creating more than 500,000 jobs including 124,000 permanent jobs through 2010. In addition since 2003, NMTC investments have generated more than $5.3 billion in federal income tax revenue and has generated over $3 billion in state and local tax revenue. The report goes on to examine the offsetting effects of the program and notes that in 2010 alone, NMTC investments in operational activities generated nearly $1.1 billion which more than offsets the estimated $720 million cost of the program for the federal government and notes that the program typically provides a 50% return on federal investment. The NMTC program is currently awaiting Congressional reauthorization.
Click here to read the report.
