Higgins Announces Bill to Make New Markets Tax Credits Permanent

Congressman Brian Higgins (NY-26) is pushing for continuation of the New Markets Tax Credit program which is creating jobs and bringing buildings to new life in struggling neighborhoods across Western New York and the nation.  Higgins is an original cosponsor of the New Markets Tax Credit Extension Act of 2017 introduced by Rep. Tiberi (R-OH-12) and Rep. Neal (D-MA-01), which would make permanent the tax credit program set to expire in 2019. 

Congressman Higgins recently advocated for support and approval of the bill in remarks on the House Floor:

(To access video click above or go to: https://www.youtube.com/watch?v=-jNtX5ro0bs)

“Mr. Speaker: The New Markets Tax Credits have helped to inject new economic vitality to my Western New York community. The program continues to help revitalize economically distressed cities throughout America

“In Western New York more than $300 Million in private investments in the past decade would not have occurred without the tax credit program.   

“Historically and architecturally significant buildings like the Electric Tower and Asbury Hall in downtown Buffalo are buzzing with new residential and commercial life.  And most recently Roswell Park Cancer Institute, the Nation’s first cancer center, opened their new Clinical Sciences building with the help of the New Markets Tax Credit program.

“I urge my colleagues to support our legislation to make the New Market Tax Credits permanent.”

In Western New York more than $100 million in New Markets investments have leveraged over $300 million in development at over a dozen sites.  Local projects utilizing the New Markets program include: the Electric Tower, the Oak School Lofts, Ellicott Commons, the Webb Lofts, Asbury Hall, AM&A’s Warehouse Lofts, Rapids Theatre, the Larkin U Building the Innovation Center and Roswell Park Cancer Institute Clinical Sciences Center. To see a map of Western New York projects that have utilized New Markets Tax Credits go to: http://bit.ly/NMTCWNY

The New Markets Tax Credit program was created in 2000 to revitalize communities experiencing economic distress by providing tax credits to investors for equity investments to community development entities that invest in low-income communities.   Nationwide the program has leveraged nearly $80 billion in investments and created approximately 750,000 jobs in economically distressed communities. Congressman Higgins is a Member of the House Ways and Means Committee, with jurisdiction over the authorization and operation of the program.

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