Montana Senator Baucus Touts Win for Montana Jobs, Community Investment

Senator says New Markets Tax Program is a Proven Success in Montana

Montana’s senior U.S. Senator Max Baucus announced today a big win for Montana jobs through a program that sparks private investment into Montana communities. The U.S. Treasury Department has awarded the Montana Community Development Corporation $56 million through the New Markets Tax Credit Program.

"This is great news for Montana jobs. We’ve seen this program really go to work by jumpstarting projects that put people to work during construction and also draw new business to areas that could use a boost," said Baucus, Chairman of the tax-writing Finance Committee. "During these tough economic times, the tax code should make it easier for businesses to create jobs. This is the kind of solution we need to create good-paying jobs and invest in Montana businesses for the future."

As Chairman of the Senate Finance Committee, Baucus fought to ensure that rural areas get their share of the New Market Tax Credits program. As a result of his efforts, the Montana Community Development Corporation was awarded $40 million in 2008 which helped spark major projects in Missoula, Bozeman, Butte and Helena. When the program faced uncertainty at the end of last year, Baucus again fought to make sure it was included in the Bipartisan Tax Cut Compromise http://baucus.senate.gov/?p=general&id=77 signed into law December 17, 2010.

Today’s news means Montanans will have access to additional financing for community development projects that stimulate economic activity and create jobs. MCDC will use the credits to provide innovative business, real estate and clean energy financing to low-income areas throughout the state.

New Markets Tax Credits in the news:

· Butte, Sears Building project http://billingsgazette.com/news/state-and-regional/montana/article_6448da3a-bef8-11df-a780-001cc4c03286.html

· Bozeman, Town & Country grocery store project http://www.kbzk.com/news/ribbon-cut-at-new-town-and-country-store/

· Helena, Peak health project http://helenair.com/news/article_c84fc668-9556-11df-be7a-001cc4c002e0.html

· Missoula, Garlington building project http://www.mtcdc.org/index.php?option=com_content&view=article&id=135&Itemid=214

Additional background:

The New Markets Tax Credit program is a federal tax credit tool that provides incentives for private investment in building projects that help revitalize low-income areas. Prior to 2008, the program had been used primarily in larger urban areas. Due to changes in the program, spearheaded by Senator Max Baucus in 2007, a portion of the tax credits were required to be invested in rural states.