During the ups and downs of recovery, acquiring and making the most of funding has been critical for distressed communities. A new report details the recent results from one such source, the New Markets Tax Credit program.
"A new report on the New Markets Tax Credit (NMTC) indicates the federal tax credit was responsible for creating nearly 40,000 jobs last year," according to an announcement written by Paul Anderson on the New Markets Tax Credit Coalition website. The NMTC was created in 2000, though its inner workings might remain a mystery to some.
According to the announcement, the 2015 NMTC Progress Report [pdf] "includes data from 67 Community Development Entities (CDEs), representing $16.8 billion in total NMTC allocations from 2003 through 2014. The report findings also demonstrate the importance of the NMTC to the manufacturing economy, which has been in steep decline over the last couple decades. In 2014, the program created nearly 10,000 manufacturing jobs. Other projects included community facilities and other important amenities such as healthcare facilities, social service facilities, and schools and vocational training facilities. More than 71 percent of these projects were located in severely distressed communities that far exceed the statutory requirements for poverty and income."
The coalition also released a video, embedded below, explaining how the NMTC works and showcasing a few example projects.
The New Markets Tax Credit at Work from NMTC Coalition on Vimeo.
FULL STORY: NMTC PROGRESS REPORT RELEASED
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