Rural Jobs Zone Act of 2019 Introduced
On June 26, 2019, Senators Wicker (R-MS) and Warner (D-VA) joined Representatives Sewell (D-AL) and Smith (R-MO) to introduced the Rural Jobs Zones Act of 2019 (H.R. 3538 and S. 2028). The legislation would provide two years and $1 billion in additional NMTC allocation targeted to low-income rural areas, with a 25 percent set-aside for persistently poor or high out-migration counties.
Generating Jobs and Opportunity 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.
What are Rural Jobs Zones?
The Rural Jobs Zones are distressed communities targeted by the Rural Jobs Zone Act. They include NMTC-eligible census tracts (tracts with poverty rates of at least 20 percent or median incomes at or below 80 percent of the area median) within rural areas using the USDA’s B&I program definition.
Note: 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 $3.5 billion in authorized NMTC allocation to non-metropolitan counties.
Persistent Poverty Counties
High migration rural counties