The Road to Economic Recovery

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 to upgrade and expand their St. Paul facility, but were unable to secure the financing needed. Thanks to the Community Reinvestment Fund (CRF) in Minnesota and the St. Paul Port Authority, the Baldingers were able to secure NMTC financing, which allowed the company to create and retain jobs in a neighborhood with an unemployment rate more than twice the national average. This bakery is just one of nearly 3,500 businesses in distressed rural and urban communities that received NMTC financing from 2003 and 2011.

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