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07-24-2003

Page history last edited by PBworks 17 years, 4 months ago

July 24, 2003

ROMNEY ANNOUNCES NEW JOBS INITIATIVE TO PROMOTE ECONOMIC DEVELOPMENT AND REVITALIZATION

Boston is One of 63 Communities in Massachusetts Eligible for New Markets Tax Credits

 

ROXBURY – Standing in front of Hibernian Hall in Roxbury, Governor Mitt Romney today announced the New Markets Tax Credits Connection, a clearinghouse of application information, investor attraction and project advocacy for all eligible Massachusetts communities. In another effort to stimulate job growth, Romney reached out to community leaders to encourage them to apply for the tax credits to promote economic development and revitalization.

 

As part of Romney’s six-point TOPS program – Tapping Our Potential in the State – this is one of many efforts to get the Massachusetts economy back on track. At the event, he encouraged financial institutions to participate in the New Markets Tax Credits program.

 

The New Markets Tax Credit Program permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs).

 

Romney noted that only two groups from Massachusetts — the Massachusetts Housing Investment Corporation (MHIC), and Nuestra Comunidad — received tax credits in 2002, representing only $26 million out of a total of $2.5 billion that was available from the federal government. By contrast, Phoenix, Arizona alone collected $170 million.

 

“Our aim is to increase our share,” said Romney. “We must do better if we’re serious about pumping millions of dollars into our economy.”

 

The New Markets Connection will be a clearinghouse of application information, investor attraction and project advocacy for all eligible Massachusetts communities.

 

“I am committed to putting Massachusetts back to work,” Romney said. “Our goal with this clearinghouse is to increase the amount of credit allocation to Massachusetts organizations and projects, so we can begin to attract and direct resources to qualifying communities whose reinvestment is an important pathway to entrepreneurship, community life and above all, jobs.”

 

The forthcoming round of New Markets tax credits represents nearly $3.5 billion in credit allocations, and there are currently 63 communities in the Commonwealth including Roxbury, Lawrence, Salem, Pittsfield, Fall River, Springfield, New Bedford, Worcester, and Lynn that are eligible to benefit from these credits.

 

“Together we can revitalize our communities by growing employers and renewing community centers,” said Barbara Berke, Director of Economic Development. “The New Market Tax Credits provides a significant incentive for coming together to make these investments a reality.”

 

The New Markets Tax Credit Connection will provide the following services:

 

Information and Advocacy

 

Through a web site and direct communication with CDCs, the Connection provides information and counseling on the application for and utilization of federal New Markets Tax Credits.

 

Investors Communication and Attraction

 

As the key element of viable tax credit projects, investment capital commitments from area financial institutions will be sought by the administration.

 

Matchmaking

 

The Connection will reach out to cities, towns and CDCs to assemble a database of “deals” that may be candidates for tax credit use or allocation.

 

Coordination and Strategy

 

The state agencies and quasi-public entities engaged in business lending and real estate finance will be available to review potential projects from underserved communities.

 

Federal Resource Development and Advocacy

 

By identifying potential projects and investors, the clearinghouse positions Massachusetts applicants competitively in the national allocation process.

 

“In order to put Massachusetts back to work, the most important thing that government can do is to create the right environment for economic expansion and job growth,” said Romney. “New Market Tax Credits are one important way we can bring economic development and jobs to Massachusetts.”


Tags: Taxes

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