The New Markets Tax Credit (NMTC) program has created more than 500,000 jobs and generated more than $5.3 billion in federal income tax revenue and $3 billion in state and local taxes, according to a new report that looks at NMTC investments between 2003 and 2010.
“New Markets Tax Credit Economic Impact Report” is the first to measure the aggregate impact of investments over the course of the federal program.
The report from the New Markets Tax Credit Coalition comes at a time when supporters are hoping that the expired tax credit will be renewed by Congress.
A second Coalition report, “New Markets Tax Credit: At Work in Communities Across America,” was also released. This report profiles 92 projects made possible by the program.
The NMTC was enacted in 2000 in an effort to spur private investment and economic growth in communities with poverty rates of at least 20 percent of median incomes at or below 80 percent of the area median income.
For more information, visit www.nmtccoalition.org.
