Source: United States Senator for Ohio Rob Portman
October 31, 2022 | Press Releases
WASHINGTON, DC – Today, U.S. Senator Rob Portman (R-OH) announced $230 million in New Market Tax Credits across Ohio. The U.S. Department of the Treasury’s Community Development Financial Institutions Fund’s announcement includes five Ohio recipients receiving a total of $230 million in New Markets Tax Credits (NMTC) that will spur investment and economic growth in low-income urban and rural communities throughout Ohio.
“This is exciting news for communities across Ohio,” said Portman. “New Market Tax Credits help companies grow and invest in hard-hit communities, creating jobs, and promoting economic development. I’m proud to have led the effort to preserve these important tax incentives during the tax reform debate in 2017. Since being enacted in 2000, these tax credits have mobilized billions to Ohio’s distressed areas – all with positive and lasting impact on Ohio families and communities. With this additional funding, $15 million more than what was awarded in 2021, I look forward to seeing continued improvement and growth throughout Ohio.”
The five Ohio recipients are:
- Cleveland New Markets Investment Fund II, LLC – $35 million
- Dayton Region New Market Fund, LLC – $45 million
- Northeast Ohio Development Fund, LLC – $45 million
- Ohio Community Development Finance Fund – $60 million
- Uptown Consortium – $45 million
Portman continues to support making the NMTC permanent, leading efforts with a bipartisan group of lawmakers to reintroduce New Markets Tax Credit Extension Act (S.456) in February 2021. This bill would permanently authorize a 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 or state median.
In July, Portman visited the new Stark County Campus of the Akron Canton Regional Food Bank and met with the organization’s leadership to receive updates on the food bank’s operations. The new Stark County campus was built with support from the New Market Tax Credits. After seeing significant benefits for Ohio cities, Portman led efforts to preserve the credit during the 2017 tax reform debate and helped secure the five-year extension in the end-of-year spending package that passed Congress in December 2020.
NOTE: Portman sent a letter of support to the Secretary of the U.S. Department of the Treasury on behalf of Cleveland New Markets Investment Fund II, LLC.
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