U.S. SENATE – U.S. Senator Steve Daines today led a group of bipartisan Senators in an effort to support Montana job creation and encourage continued economic investments in communities across the U.S. by introducing legislation to make the New Markets Tax Credit (NMTC) permanent.
“The New Markets Tax Credit is a win-win-win – it has been an invaluable tool for encouraging investment into our communities, creating good-paying jobs in Montana, and spurring growth in local economies across the nation. It’s time we make a permanent commitment to helping our Montana communities thrive and economies grow,” Daines said.
Senator Daines introduced the New Markets Tax Credit Extension Act with Senators Cardin (D-M.D.), Schumer (D-N.Y.), Tim Scott (R-S.C.), Cantwell (D-Wash.), Cassidy (R-La.), Menendez (D-N.J.), and Blackburn (R-Tenn.).
Click HERE to see the full text of the bill.
The NMTC attracts capital to low-income communities by providing private investors with a 39% federal tax credit for investments made in businesses or economic development projects.
In 2019, Daines toured Billings Family Services, a recipient of the New Markets Tax Credit, and was able to see the impact they are making on the community. Click HERE for pictures and HERE for TV elements.
In Montana, NMTC financed 38 projects since 2003 – a total $432.8 million investment.Over 530,000 square feet of real estate across the Treasure State has been renovated or constructed. Just a few of these investments include the Bullhook Community Health Center in Havre, Montana, which provides health care to Montanans regardless of their ability to pay, the Poverello Center in Missoula, Montana, Missoula’s first homeless shelter, and the Human Resources Development Council’s (HRDC) Food and Resource Center in Bozeman, Montana, which is set to reopen in a new 38,000-square-foot facility this Spring.
Nationally, NMTC investments are located in all 50 states; in the last 20 years, $64.4 billion in NMTC allocations has financed over 7600 businesses and projects with total project costs of $120.5 billion.The NMTC Program created or retained more than 830,000 jobs, supported the construction of 56.7 million square feet of manufacturing space, 94.5 million square feet of office space, and 67.2 million square feet of retail space across the country.