MISS. SENATORS SUPPORT TAX CREDIT FOR COMMUNITIES MOST IN NEED
New Markets Tax Credits Program Encourages High-Impact Investments in Low-Income Areas
WASHINGTON, D.C. – U.S. Senators Roger Wicker (R-Miss.) and Cindy Hyde-Smith (R-Miss.) today released a letter they wrote to Jodie Harris, Community Development Financial Institutions (CDFI) Fund director, seeking greater consideration to the needs of Mississippi communities when allocating New Markets Tax Credits (NMTC).
The NMTC program uses tax credits to incentivize private investment to distressed communities.
“We recognize the NMTC’s importance to Mississippi and support its mission,” the Senators wrote. “However, the NMTC program often has difficulty getting credits to the most disadvantaged areas, particularly in rural persistent poverty areas. In the 2017 award round, only one Mississippi-based applicant received an NMTC allocation. There are several highly qualified applicants for the NMTC in Mississippi, and we strongly encourage the CDFI Fund to pay particular attention to our state and to communities closest to those in need when making allocations.”
Click here to view a PDF copy of the Wicker and Hyde-Smith letter.
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