Source: United States Senator for Missouri Roy Blunt
WASHINGTON – U.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 workforce training programs for people across southeast Missouri. With today’s announcement, I’m confident we’ll continue to see new investments that create opportunities and improve the quality of life in underserved areas. The NMTC has a proven track record of success and I’ll continue working to make the program permanent.”
Following are the organizations benefiting from the NMTC:
|
Organization |
Location |
Funding |
|
CBKC CDC, LLC |
Kansas City |
$30,000,000 |
|
Enterprise Financial CDE, LLC |
St. Louis |
$60,000,000 |
|
Heartland Regional Investment Fund |
St. Louis |
$50,000,000 |
|
Legacy Economic Growth Fund, LLC |
Rogersville |
$60,000,000 |
|
MBS Urban Initiatives CDE, LLC |
St. Louis |
$60,000,000 |
|
St. Louis Development Corporation |
St. Louis |
$40,000,000 |
|
USBCDE, LLC |
St. Louis |
$65,000,000 |
In 2020, under Blunt and U.S. Senator Ben Cardin’s (Md.) leadership, the NMTC program was extended for five years at a $5 billion annual allocation level. Blunt and Cardin introduced a measure this year to permanently extend the NMTC program.