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Daines Works to Encourage Creation, Investment

Press Release

Date: March 5, 2015
Location: Washington, DC
Issues: Unemployed and Low-Income Employment and Affirmative Action Taxes Economy and Fiscal

Senator Steve Daines today announced that he has introduced bipartisan legislation to encourage investment, job creation and economic growth in Montana and across the nation.

Daines joined Senators Roy Blunt (R-MO), Chuck Schumer (D-NY) and Ben Cardin (D-MD) in introducing the New Markets Tax Credit Extension Act of 2015. This legislation would make permanent the New Markets Tax Credit (NMTC) program, provide an annual allocation of credits indexed to inflation, and exempt NMTC investments from the Alternative Minimum Tax.

NMTC attracts capital to low-income communities by providing private investors with a 39 percent federal tax credit for investments made in businesses or economic development projects.

"The New Markets Tax Credit has stimulated over $85 million of investment in Montana since 2013 alone," Daines stated. "It is a proven vehicle that spurs private development, creates good paying jobs and increases economic opportunity. This legislation is a much-needed step towards a permanent extension that will help secure the economic stability of our communities and sustain healthy local economies across the nation."


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