Political Quotes

“I rise today to speak about the New Markets Tax Credit program and the positive impact it has had on western Massachusetts. I've been a leader of New Markets since its enactment in 2000 because it's a cost-effective way to create jobs and drive investment in low- income communities. Today, I want to highlight a few New Market Tax Credit initiatives in my State. New Markets Tax Credit is designed to stimulate investment and economic growth in areas that are traditionally overlooked by conventional capital markets. This program attracts capital to low- income communities by providing private investors with a 39 percent Federal tax credit for investments made in businesses or economic developments located in those areas. In 2010, New Markets generated $9.5 billion in capital for projects and businesses in low-income communities. This capital resulted in the development of 15 million square feet of manufacturing, retail, and community-related space throughout the country. Last year, New Markets Tax Credits investments resulted in the creation or retention of 70,000 jobs, including 38,000 construction jobs. Unfortunately, New Markets is a temporary program that expired on December 31. I am now and have been the lead Democratic sponsor of this legislation to extend the program for a predictable 5 years. I've now been calling on our colleagues to extend this initiative. So let me share with you a few successes from back home and explain why I think New Markets works so well.…”