Tiberi and Neal Introduce Tax Legislation to Spur Investment in Communities Across the Country

Statement

Congressman Pat Tiberi (R-OH) and Ranking Member of the Ways and Means Committee Richard E. Neal (D-MA) introduced legislation to make the New Markets Tax Credit (NMTC) a permanent part of the tax code. The NMTC is a cost-effective incentive that encourages public-private partnerships to invest in struggling rural and urban areas where access to capital is needed the most.

"The New Markets Tax Credit has spurred investment and driven real job growth across the state of Ohio," said Congressman Pat Tiberi. "It is an important program that helped revitalize the Over-the-Rhine neighborhood in Cincinnati, financed the Ironville Terminal in Toledo, funded a new grocery store in an underserved area of Columbus and much more. Making the NMTC a permanent part of our tax code would provide more certainty to communities across the country looking for the same proven results of unlocking economic potential based on their needs."

"Since its enactment in 2000, the New Markets Tax Credit (NMTC) has created thousands of jobs and generated billions of dollars of investment in low income communities across the country. In Massachusetts, the highly successful initiative has helped generate private investment in economic development projects from the Berkshires to Boston. That is why I'm working with Congressman Tiberi in a bipartisan manner to make it a permanent part of the tax code. The NMTC is a federal program with a proven record of success that should be made permanent and expanded," said Congressman Richard E. Neal.

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