The Road to Economic Recovery

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Op-Ed by José Villalobos, The Hill, - 07/19/13 10:00 AM ET Last week, Senate Finance Committee Chairman Max Baucus (D-Mont.) and House Ways and Means Committee Chairman Dave Camp (R-Mich.) officially embarked on a trip to sell tax reform, which they have dubbed the “Max and Dave Road Show.” The chairmen of the congressional tax-writing committees are traveling the country together and asking business leaders for input. They already made one stop in St. Paul, Minnesota and their next pit stop on the tax reform road show will take them to Philadelphia, the City of Brotherly Love. During their first stop on the road trip Baucus and Camp visited Baldinger Bakery, a 125-year-old family business and beneficiary of the New Markets Tax Credit (NMTC). In 2010, the Baldingers were looking…
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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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New Markets Tax Credit Announcement Hailed Across the Country

New Markets Tax Credit Announcement Hailed Across the Country

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Today the Treasury Department's blog, "Treasury Notes", chronicles some of the positive press received by the NMTC in newspapers around the country: Last week, the Treasury’s Community Development Financial Institutions Fund announced a new $3.5 billion allocation of New Markets Tax Credits to revitalize low-income and distressed communities. Awarded to 85 different community development entities headquartered across 28 states and the District of Columbia, the tax credits allow these organizations to attract private investment capital to underserved communities across America. In the past, every dollar in tax credits has generated an average of eight private investment dollars for projects like manufacturing plants, retail developments, affordable housing and health centers. Perhaps that’s why last week’s announcement was greeted with excitement across the country. Read their full post.
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New Markets Tax Credit Extended for Two Years

New Markets Tax Credit Extended for Two Years

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On January 1, 2013, the House of Representatives passed The American Taxpayer Relief Act (H.R. 8), by a vote of 257-167. The package includes extension of New Markets Tax Credits for 2012 and 2013 at $3.5 billion in annual credit authority. This was an important step by Congress to ensure the continued flow of billions in capital to credit-starved businesses in our nation's most distressed urban and rural communities. Read more about the New Markets Tax Credit: NMTC Economic Impact Report NMTC: At Work in Communities Across America 
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New Report on Economic Impact of Federal Tax Credit Program Demonstrates Significant Return on Investment to Taxpayers

New Report on Economic Impact of Federal Tax Credit Program Demonstrates Significant Return on Investment to Taxpayers

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New Markets Tax Credit (NMTC) Economic Impact Report Finds that NMTC Has Generated A Significant Number of Jobs, Expanded State and Local Tax Base in Economically Distressed Areas WASHINGTON, D.C.– A report issued today by a coalition of community development organizations and financial institutions details how an expired federal tax credit, awaiting congressional action, has spurred private investment in economically distressed communities to create over 500,000 jobs, generate over $5.3 billion in federal income tax revenue and over $3 billion in state and local taxes – an amount which more than covers the cost of the program as measured in terms of revenue lost by the federal government – and revitalize communities across the country. “While there is ample data on the New Markets Tax Credit’s (NMTC) track record of…
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