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Thompson: Treasury to Allow Brac Sites Like Mare Island to More Easily Qualify for Economic Development Tax Credits

Press Release

Date: Oct. 19, 2015
Location: Washington, D.C.
Issues: Finance and Banking

U.S. Rep. Mike Thompson (CA-5) today announced that the Department of Treasury decided, at his urging, to allow Base Realignment and Closure (BRAC) sites to more easily qualify for economic development funds though the New Markets Tax Credits (NMTC) Program. In a letter sent in March, Thompson requested that Treasury expand the universe of NMTC qualifying criteria to include BRAC sites. Treasury recently responded favorably to Thompson's request. This provides private entities with an incentive to invest in BRAC areas.

"These tax credits are job and revenue creators that can help resurrect communities that have been devastated by military base realignments and closures. They have already proven successful, and because of our work with Treasury, even more BRAC communities will be able to qualify," said Thompson. "By expanding these high-value tax credits to BRAC areas like Mare Island, we can put people back to work, create new jobs, and help communities grow their economy."

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