Working Families Tax Cuts Drive Investment to Local Communities

Working Families Tax Cuts Drive Investment to Local Communities

Washington, D.C.-In addition to preventing the largest tax hike in American history, the Working Families Tax Cuts advanced by U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) are encouraging domestic investment in communities across Idaho. Policies like the New Markets Tax Credit, Low-Income Housing Tax Credit and the Opportunity Zone program have helped to attract capital, create jobs, and finance housing in rural and distressed areas. With new enhancements on top of the permanent renewal of those programs, hardworking American families have opportunities to get ahead no matter where they live.

"These policies have resulted in hundreds of millions of dollars flowing into Idaho, creating long-term, productive investments in rural communities across the state," said Crapo. "Permanently extending and enhancing these provisions will help create more good-paying jobs for Idaho families and build a strong foundation for additional economic development."

Key wins:

• Permanent extension of the New Markets Tax Credit (NMTC) encourages more private investment in low-income communities.
• • In Rupert, Idaho, Pipeline Plastics opened a new manufacturing facility, employing more than fifty people, thanks to the NMTC.
• Permanent renewal and enhancement of the Opportunity Zone program will create over $100 billion in domestic investment.
• • Qualified rural opportunity funds will receive a 30 percent step-up in basis, three times the amount available to other funds.
• Permanent expansion of the Low-Income Housing Tax Credit will give over one million additional American families access to affordable housing.

What they are saying:

"Achieving permanence for the NMTC provides certainty to thousands of businesses and investors and delivers more jobs, business opportunities and capital to high-impact investments prioritized by local communities. Our partnerships with local businesses and community organizations across the country can now continue to help Americans most in need to prosper." - New Markets Tax Credit Coalition

"Southern Idaho has become one of the most successful rural regions in the country, and programs like the New Markets Tax Credit and the Trump Administration's Opportunity Zones are a big reason why. With Senator Crapo's support of these important tools, we've been able to attract investment, create jobs, and transform communities across the Magic Valley. The results speak for themselves-Southern Idaho is thriving." - Idaho State Senate President Pro Tempore Kelly Anthon

"The Housing Credit provisions in the reconciliation bill will finance well over a million more affordable homes in the U.S. - a profound impact at a time of staggering need. We applaud this effort to take an unprecedented step toward resolving a crisis that continues to affect millions of Americans." - Affordable Housing Tax Credit Coalition

Click HERE to learn more about how the Working Families Tax Cuts invest in community development.

Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.