New Report on Economic Impact of Federal Tax Credit Program Demonstrates Significant Return on Investment to Taxpayers

A report issued today by a coalition of community development organizations and financial institutions details how an expired federal tax credit, awaiting congressional action, has spurred private investment in economically distressed communities to create over 500,000 jobs, generate over $5.3 billion in federal income tax revenue and over $3 billion in state and local taxes – an amount which more than covers the cost of the program as measured in terms of revenue lost by the federal government – and revitalize communities across the country.

The newly released New Markets Tax Credit Economic Impact Report is the first to measure the aggregate economic impact of NMTC investments over the course of the program. The Report also examines the extent to which the federal tax revenue generated by individuals and businesses benefiting from New Markets Tax Credit investing offsets the cost of the program to the federal government.

New Markets Tax Credit Coalition

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