The Rural Jobs Act would bring new jobs improved facilities renewed opportunity to rural America.
The Rural Jobs Act would add $500 million in NMTC allocation in over each of the next two years. Under the legislation, the new allocation would be targeted exclusively to Rural Jobs Zones, which are NMTC-eligible census tracts in rural communities eligible for the USDA B&I Program (non-urban, under 50,000 in population).
Of the $1 billion in new allocation, at least 25 percent would be prioritized to persistent poverty counties and high out-migration rural counties.
Senate Bill (S. 1455)
On May 4 2023, the Rural Jobs Act (S. 1455) was reintroduced in the Senate by Senate by Senators Roger Wicker, R-Miss., Mark Warner, D-Va., Mike Braun, R-In., and Jerry Moran, R-Ks.
House Bill (H.R. 5026)
Note: The CDFI Fund will update NMTC eligibility data in the early fall of 2023 and many of the maps and definitions below will shift based on the results of the 2020 Census. Check back for updated information and maps.
Persistent Poverty Counties
Persistent poverty counties are defined as any county with a poverty rate of 20 percent or more in the 1990 and 2000 census along with the most recent Small Area Income and Poverty Estimates from the American Community Survey.
Rural Jobs Zones Definition
The Rural Jobs Zones use the USDA’s B&I definition of rural communities (non-urbanized areas with populations under 50,000). The rural definition in the Rural Jobs Zones Act would not change the underlying rural definition in the NMTC statute, which would still require the CDFI Fund to target a proportional share of the $5 billion in authorized NMTC allocation to non-metropolitan counties.
High Out-Migration Rural Counties
High out-migration counties are any county which, during the 20-year period ending with the year in which the most recent census was conducted, has a net out-migration of inhabitants from the county of at least 10 percent of the population of the county at the beginning of such period.
Rural Job Zone Eligibility Maps
Here are a few eligibility maps prepared by the Coalition to give you an idea which areas are eligible.
Building on the NMTC's Success in Rural America
The New Markets Tax Credit has helped hundreds of small farming towns and rural communities access the capital they need for business expansions, healthcare centers, broadband expansions, and other locally prioritized-revitalization projects. The Rural Jobs Zones Act would build on the success of the NMTC, providing additional resources to some of America’s hardest hit rural areas.