The House Tax Policy Committee this week began discussions on creating state tax credits to match the federal New Markets Tax Credits. The federal government has about $15 billion in dollars available for New Markets Tax Credits and give these credits to Community Redevelopment Entities. Every $1 in these tax credits produces $7 in private investments, and these tax credits are available in low-income communities. The House is considering creating state matches for these federal dollars in order to attract more of the federal dollars and to persuade more people to work on these projects. The Michigan Magnet Fund has used these dollars in the past on projects in communities such as Detroit, Grand Rapids, Owosso, Bay City and others. The Michigan Municipal League supports dollars going to community development projects for redevelopment in our communities, and will likely weigh in supporting this legislation when future hearings are held. Click here for more information on the federal New Markets Tax Credits program.
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