Tax Reform Road Trip Makes Pit Stop at New Markets Tax Credit-Financed Business

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FOR IMMEDIATE RELEASE - JULY 8, 2013 - Contact: Bob Rapoza: Bob@Rapoza.org Chairmen Baucus and Camp Talk Tax Reform at the Baldinger Bakery in St. Paul, Minnesota  Washington, D.C. – This morning, the chairmen of the U.S. Senate and House tax-writing committees, Senator Max Baucus (D-Mont.) and Representative Dave Camp (R-Mich.) kicked off their bipartisan tax reform summer road trip in St. Paul, Minnesota with a stop at Baldinger Bakery. A fourth generation family-owned business, the Baldinger Bakery was able to secure the private investment capital it needed to expand into a new commercial baking facility with the help of the New Markets Tax Credit (NMTC), a modest incentive that promotes investment and job creation in some of America’s most economically distressed communities. “Businesses depend on access to capital to…
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St. Paul bakery is an example for tax incentive success

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Reform should take note of incentives that strengthen distressed areas. Op-Ed by Frank Altman, President and CEO of Community Reinvestment Fund, Inc. Today, the chairmen of the U.S. Senate and U.S. House tax-writing committees — Sen. Max Baucus, D-Mont., and Rep. Dave Camp, R-Mich. — are kicking off a bipartisan summer road trip to promote progrowth tax reform that simplifies the tax code and encourages policies that work. Their first stop is right here in St. Paul. Baucus and Camp will be traveling across the country in the coming weeks, meeting with individuals, families, workers and owners of business big and small, seeking feedback on how to improve their experience with our nation’s tax system. For the two chairmen, the goal is to take what they hear — firsthand experiences…
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Senators Baucus and Tester praise NMTC-financed Mission Valley Aquatics project

Senators Baucus and Tester praise NMTC-financed Mission Valley Aquatics project

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Excerpt from KPAX.com in Missoula, MT: Montana CDC and U.S. Bank have secured $6 million in permanent financing to support the Mission Valley Aquatics community health facility. ... "Supporting more than 40 jobs in Polson while building healthy community infrastructure is a win-win," said Senator Max Baucus, who helped make New Markets Tax Credits available to rural areas as Chairman of the Senate's tax-writing committee. "This is a smart investment into Montana jobs while bolstering an important economic corridor for Indian Country and the entire Flathead community." Over the past ten years, Mission Valley Aquatics created a design that is well-suited for the needs of the town's residents, gathered letters of support from community members, and raised more than $4.6 million in funding from private donors and lenders. The New…
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Bipartisan Bill to Permanently Extend New Markets Tax Credit Introduced in Senate

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The New Markets Tax Credit Act of 2013 Increases the Flow of Private Sector Capital to Urban and Rural Communities Contact: Bob Rapoza, bob@rapoza.org, (202) 393-5225 Download PDF version of Press Release Washington, D.C. (June 11, 2013) – Today, Senators Jay Rockefeller (D-W.Va.) and Roy Blunt (R-Mo.) introduced legislation to provide a permanent extension for the New Markets Tax Credit (NMTC), an incentive for investment and job creation in communities with high unemployment and other measures of economic distress. The New Markets Tax Credit Act of 2013 would extend the Credit indefinitely by making it a permanent part of the Internal Revenue Code, and enhance the potential impact of the Credit by increasing the annual NMTC allocation. “Unemployment across the country is still too high. The New Markets Tax Credit is a…
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Senators Rockefeller (D-WV) and Blunt (R-MO) introduce NMTC extension legislation

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THIS JUST IN. Senators Jay Rockefeller (D-WV) and Roy Blunt (R-MO) have introduced legislation that would indefinitely extend the NMTC. Read Senator Blunt's press release below. ------------------------------------------ Senators Blunt, Rockefeller Introduce Legislation To Spur Investment, Jumpstart Job Creation In Low-Income Communities WASHINGTON, D.C. – U.S. Senators Roy Blunt (Mo.) and Jay Rockefeller (W.Va.) introduced a bipartisan bill today to make the New Markets Tax Credit (NMTC) Program permanent. The NMTC provides private investors with a 39 percent federal tax credit for investments made in businesses or economic development projects in some of the most distressed communities in the nation. The bipartisan bill is co-sponsored by U.S. Senators Ben Cardin (Md.), Susan Collins (Maine), and Maria Cantwell (Wash.). “The New Markets Tax Credit Program has already had a positive impact in…
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New Report Demonstrates Federal Tax Credit Program’s Ability to Stimulate Economic Development, Create Jobs in Low Income Communities

New Report Demonstrates Federal Tax Credit Program’s Ability to Stimulate Economic Development, Create Jobs in Low Income Communities

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New Market Tax Credit 2013 Progress Report Provides Evidence on Effectiveness of the Credit as a Tool for Driving Capital to Areas of Economic Distress  Washington, D.C. – A report issued today by a coalition of community development organizations and financial institutions details how the New Markets Tax Credit (NMTC) transformed private sector capital into patient, flexible capital for credit-starved businesses in low income communities across the country during the previous year. “The New Markets Tax Credit has a long track record in creating jobs and encouraging economic growth in our country’s most distressed neighborhoods and communities,” said José Villalobos, Senior Vice President of TELACU Los Angeles, California, and President of the NMTC Coalition. “Our latest New Markets Tax Credit Progress Report shows that the Credit made significant contributions to…
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Turning federal tax credits into rural jobs

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A Maine financial company has achieved mastery of a federal program to create jobs in communities that need them the most. BERLIN, N.H. — Rising from the heart of this old paper-making town, a biomass-fueled power plant is reclaiming the shambles of the shuttered pulp mill, creating hundreds of construction jobs, saving hundreds more forestry jobs, and providing a reliable, low-emissions source of electricity for northland utilities. Some 75 miles to the southeast, a new factory in Brunswick, Maine, will soon begin production of high-tech surgical dressings. The Swedish firm that owns the factory recently held its first job fair, seeking 50 maintenance technicians, production workers, and engineers for the gleaming 79,000-square-foot facility. Read more (requires registration)...
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Now Hiring – NTMC Helps New Company at Former Naval Air Base Hire 50 New Skilled Workers

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From the Maine Public Broadcasting Network: Two years ago, a medical products company from Europe called Molnlycke Healthcare chose to locate its U.S. manufacturing headquarters in Brunswick, Maine, on the site of the former Brunswick Naval Air Station. Molnlycke is one of world's leading makers of advanced wound-care products. It's based Sweden but has a global presence, employing about 7,000 people with about $1.5 billion in annual sales. The company broke ground on the Brunswick facility last month, and plans to begin production this fall. Before that can happen, though, there's some hiring to be done. .... But why Brunswick, a former mill town of 15,000 inhabitants, more than two hours north of Boston? One reason is that it already has a presence in mid-coast Maine: The foam used in…
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