MO-Based Groups Receive $365 Million from Blunt-Backed New Markets Tax Credit Program

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WASHINGTONU.S. Senator
Roy Blunt (Mo.) today commended the U.S. Treasury Department’s announcement
that seven Missouri-based organizations have been selected to receive a total
of $365 million in New Markets Tax Credit (NMTC) allocations. The NMTC program
provides a 39 percent federal tax credit for businesses or economic development
projects in areas with poverty rates of at least 20 percent, or median incomes
at or below 80 percent of the area median.

“The
New Markets Tax Credit Program has supported more than 400 Missouri businesses
and economic revitalization projects,”
said Blunt. “In bigger cities
like St. Louis, this program helped fund a new 18,000 square-foot social
services center that serves thousands of individuals each year. In smaller
cities like Cape Girardeau, NMTC investments helped transform the historic
Marquette Hotel into a thriving tech center with office space for innovative
companies and high tech…

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