U.S. Representatives Marcia L. Fudge, Marcy Kaptur, Dennis Kucinich, Tim Ryan and Betty Sutton (all representing districts in Ohio) on Wednesday sent a letter to Minority Leader Nancy Pelosi and Speaker of the House John Boehner urging them to include an extension of the New Markets Tax Credit (NMTC) program, which expires on December 31, in a year-end tax bill. The letter cites the more than $1 billion in private capital investments that the NMTC program attracted to Ohio businesses between 2004 and 2010.
In addition, Congressman Richard Neal (D-Mass.) recently highlighted the successes of the NMTC Program, and urged the Congress to act this month to extend the program. Rep. Neal highlighted the Colonial Theater in his home state of Massachusetts and pointed out the many overarching successes of the program, since its inception in 2000.
- The NMTC Program has cost the federal government a total of $4 billion; it has produced over $50 billion in private investment.
- Every dollar spent on the NMTC program yields approximately $12 in investment in low-income communities.
- 88% of NMTC investors said they would not have made their investment in low-income communities without the NMTC.
Furthermore, Rep. Neal pointed out that the success of the Colonial Theatre is represented by an annual economic impact of over $4 million annually, and over 100 permanent jobs and, subsequent to the renovation of the theater, more than 40 new businesses have emerged in the community.
To view Rep. Neal’s testimony, click here.