Walsh Expands Employment Opportunities and Infrastructure Investment

Press Release

Senator John Walsh today cosponsored bipartisan legislation to extend and expand the New Markets Tax Credits to spur revitalization efforts and upgrade Montana's businesses.

The bill extends the New Markets Tax Credit Program for an additional three years and increases the annual allocation from $3.5 billion to $5 billion. The bill also provides an additional $1 billion per year for manufacturing investments in communities that have suffered major manufacturing job losses.

"This investment in industry and manufacturing will create good-paying jobs for Montana's working families in areas where resources are needed most," Walsh said. "The New Markets Tax Credit is an important example of a public-private partnership that increases opportunities for Montanans, and I am thrilled to see further investments."

"New Markets Tax Credits have proven to be an invaluable source of capital for creating jobs and economic vitality in some of our state's most underserved areas," said David Glaser, President of the Montana Community Development Corporation. "We appreciate having Senator Walsh's support for the reauthorization of New Markets Tax Credits, demonstrating his commitment to creating jobs in areas of Montana that need them most."

The New Markets Tax Credit Program was created in 2000 with the Community Renewal Tax Relief Act to incentivize investment in urban renewal projects.

This month, NorthWestern Energy used the New Markets Tax Credit to build a five-story office building in uptown Butte, keeping 180 jobs in the Mining City.

Source