Tester: More jobs and opportunities coming to Montana
Senator highlighted New Markets Tax Credit announcement during his Small Business Opportunity Workshop
(U.S. SENATE) – U.S. Senator Jon Tester says businesses across the Treasure State will be able to create more jobs and more opportunities for growth, thanks to a critical investment in the Montana Community Development Corporation.
During his small business opportunity workshop Wednesday, Tester announced that the Montana economic development organization will receive $56 million through the New Markets Tax Credit initiative.
Tester, a member of the Senate Appropriations Committee, is a powerful proponent of the New Market Tax Credits initiative, which provides tax credits to projects that create jobs by revitalizing underdeveloped and low-income areas.
The Montana Community Development Corporation will direct its $56 million tax credit allocation to finance “business, real estate and clean energy” jobs projects in Montana like the renovation of the historic Sears Building in Butte, which Tester toured last fall.
The credits also finances projects like the Garlington Building in downtown Missoula, which utilized more than 100 contractors and is expected to produce more than $5 million in wages.
“This is an incredible opportunity to create good-paying jobs in communities across Montana by investing in the most important force driving our economy—our small businesses and the people behind them,” said Tester, whose Small Business Opportunity Workshop Wednesday attracted more than 300 people. “A lot of credit goes to MCDC for fighting for and securing this critical investment in Montana jobs and Montana’s future. Now I look forward to seeing our economy grow and more Montanans going to work.”
This is MCDC’s second New Market Tax Credit allocation.
This time around, the organization received the top dollar amount among organizations that serve one state.
MCDC President David Glaser said it will use the tax credits “to do even more for low-income communities across the state.”