If President Trump is looking for a successful bipartisan idea, one good candidate is the federal New Markets Tax Credit program, which attracts private investment into distressed communities. The program has more than a decade of successful investments so far.
It gets better. The New Markets Tax Credit program gives the power to choose projects not to Washington “elites,” but to organizations with accountability to the communities where the projects are located.
In 2015, Congress extended the program through 2019, with the intent of catalyzing $18.5 billion in impact investing opportunities that benefit distressed communities with quality jobs, quality healthcare and education, access to healthy food and other outcomes.
However, a tax overhaul of the sorts contemplated by President Trump and Speaker Paul Ryan means that everything is back on the table. Last month, a bipartisan group of senators and representatives introduced a bill to make New Market Tax Credits permanent.
The credits “allow us to support the most amazing and diverse and inspiring collection of organizations and initiatives to realize their ambitions for marginalized and distressed communities that can really use their support,” Antony Bugg-Levine, CEO of the Nonprofit Finance Fund, said.
Read the full article on a bipartisan community investment tool by Oscar Perry Abello at ImpactAlpha.
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