WASHINGTON, DC-- Congresswoman Marcia L. Fudge (OH-11), along with her colleague Congresswoman Marcy Kaptur (OH-9), led a letter urging Minority Leader Nancy Pelosi and Speaker John Boehner to include an extension of the New Markets Tax Credit (NMTC) in the year-end tax bill.  Congressman Dennis Kucinich (OH-10), Congressman Tim Ryan (OH-17) and Congresswoman Betty Sutton (OH-13) all signed in support of the letter.

View letter here.

"The NMTC spurs revitalization efforts in low-income communities across the U.S.  The program works because it uses business-oriented mechanisms to help disadvantaged communities increase wealth and create jobs.  Moreover, business leaders in my district support it as an effective tool to spur economic development and help small businesses grow," said Congresswoman Fudge. 

However, the tax credit is at risk of expiring at year's end.  Congresswoman Fudge hopes to see the extension of the NMTC added to the current appropriations bill.  The tax credit has enjoyed strong bipartisan support since its original authorization.

"Over 70 percent of all NMTC investments have been made in severely distressed communities with poverty rates of 30 percent or greater, and unemployment rates at 1.5 times the national average," said Congresswoman Fudge.

"Between 2004 and 2010, the NMTC generated over $1 billion in private capital that has been invested in Ohio-based businesses including manufacturing plants, hospitals, public markets, educational facilities and community arts centers.  In the 11th Congressional District, 22 projects have received more than $166 million in NMTC investments from 2009-2010.  We can point to new jobs and economic activity generated by the NMTC."

To date, across the nation, over $20 billion in private investment has been generated by the NMTC with $5 billion raised in just the last 12 months.  These NMTC investments have created some 300,000 jobs, including 200,000 construction jobs. 

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