Hall Co-Sponsors Bill to Help BRAC-Affected Military Communities

Statement

Today, Rep. Ralph Hall (TX-04) joined Rep. Mike Thompson (D-CA) in co-sponsoring H.R. 3439, the New Markets Tax Credit Military Installation Act of 2013. This bill would strengthen the New Markets Tax Credit (NMTC) program by authorizing up to $100 million per year for military communities affected by base realignment and closures (BRAC). In addition, the bill encourages private sector investment in BRAC-affected communities by offering a seven-year, 39% federal tax credit to investors.

"Military bases are the heartbeat of defense communities -- they provide jobs and economic value to the local community, as well as a sense of pride and togetherness," said Hall. "As a proud representative of a valuable defense community in Texarkana -- the Red River Army Depot, I am honored to join Rep. Thompson in sponsoring this important legislation that will help people in communities affected by base realignment and closures."

Hall continued, "While I have been outspoken in my disagreement with the Department of Defense for its BRAC decisions at a time when we still have so many troops overseas and there is so much political unrest in unfriendly nations, I believe we must look for solutions. We should do all we can to responsibly help BRAC-affected communities rebuild."

"These tax credits are job and revenue creators that can help resurrect communities that have been devastated by military base realignments and closures,"said Rep. Thompson. "They have already proven successful, but the supply of these tax credits simply doesn't meet the demand or the need. By expanding the New Markets Tax Credit program, we can promote private sector investment, put people back to work, and help communities grow their economy." According to the U.S. Department of the Treasury, every $1 invested through the NMTC program generates $12 of private investment.

Hall further stated, "In 2005, when the Red River Army Depot was scheduled to close down due to the BRAC process, everyone in Texarkana rallied together to make our case to the Department of Defense. We were fortunate to save the Red River Army Depot and preserve 5,000 jobs in the area. However, other military communities across the country were not as fortunate. The hard work and efforts performed by the citizens at our military bases continue to help keep our troops safe, and we owe these people the same hard work and dedication."

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