State to get $280 million from 2020 New Markets Tax Credit Program

U.S. Sen. Roger Wicker, (R-Miss.), Thursday praised the award of $280 million in tax credit allocations to five Mississippi-based community development entities (CDEs). The $280 million figure is the largest award Mississippi has received from the program to date. 

The tax credits, which were awarded through a competitive application process, are distributed through the U.S. Treasury Department’s New Markets Tax Credit (NMTC) Program to financial institutions to help spur investment and economic growth in low-income urban and rural communities nationwide.

“This large allocation of New Markets Tax Credits to Mississippi is welcome news for communities that need additional economic support,” Wicker said. “The New Markets Tax Credit program has proved to be a valuable source of private investment, giving Mississippians across our state access to the financial services necessary for economic growth and community development.”

Mississippi’s award of $280 million will be allocated to five institutions, including BancorpSouth, Trustmark Bank, Peoples Bank, Hope Enterprise Corporation, and MuniStrategies, LLC. This investment will help cover eligible activities under the program.

The NMTC Program aims to deliver private capital to low-income communities by providing a tax credit to corporate or individual taxpayers who make investments to businesses in underserved communities. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government.

For more information on the NMTC Program, click here.

Click here for a full list of awards.

DeSoto County News Service

Bob Bakken

Bob Bakken is the most recognized and most trusted name in DeSoto County news and sports reporting, as readers continue to express their appreciation for his accuracy and fairness in the stories he writes. Bob provides content for DeSoto County News and occasionally is heard on the OB Pod podcast talking about area happenings. A former newspaper editor and writer, his award-winning background also includes television news producing, sports media relations, and radio broadcasting.

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