Tester Announces Big Win for Montana Small Businesses with $70 Million in Community Development Tax Credits
MoFi awarded $70 million in tax credits to help small businesses in Montana create jobs, expand projects
(Big Sandy, Mont.) – U.S. Senator Jon Tester is announcing a huge win for Treasure State businesses to create jobs and foster growth for companies thanks to a critical investment into Montana’s community development group.
Tester is announcing that MoFi will receive a $70 million tax credit through the New Market Tax Credit (NMTC) Program, which benefits rural and low-income communities by providing financing and consulting services to small businesses and nonprofits. This tax credit, received through the NMTC Program, will allow MoFi to use these funds to finance small business projects.
“Small businesses are the backbone of rural communities and are one of the largest economic forces in our state,” Tester said. “MoFi provides businesses with the resources they need to be successful, and this critical investment provides them with the ability to create more jobs and opportunities for local companies all across Big Sky country.”
The NMTC Program is financed through the U.S. Department of Treasury’s Community Development Financial Institutions Fund and provides businesses with non-refundable tax credits in exchange for making investments in Community Development Entities. MoFi has used the NMTC Program to help finance projects like the new Health Science and Education Building at Blackfeet Community College.
As a member of the Senate Appropriations Committee, Tester is an avid proponent of the NMTC Program. He has helped MoFi secure millions of dollars in tax credits through the program and is cosponsoring the New Markets Tax Credit Extension Act of 2019 to make the program permanent.
Tester has been a champion for growing and developing small businesses in Montana. He recently slammed the Trump Administration for implementing tariffs that are crushing Montana farmers, ranchers, and small business owners. Earlier this year, he introduced the Craft Beverage Modernization and Tax Reform Act to cut excise taxes on small brewers, distillers, and vintners.
Tester is the only member of the Montana’s delegation to stand up against the Federal Communications Commission decision to gut net neutrality which cripples small businesses that rely on internet traffic to turn a profit. He also introduced the Stop Taxing Our Potential (STOP) Act to overturn the U.S. Supreme Court decision that forces local businesses to collect sales taxes on behalf of other states when their residents purchase goods and services online.