His plan, the Manufacturing Communities Investment Act, would build on the New Markets Tax Credit, which expired at the end of 2013.
“In manufacturing communities across this nation, the local factory can be the lifeblood of the community. And as we know all too well, the closure of a factory devastates the workers, their families and the entire community,” Brown said in a statement. “This tax credit would provide private investors with real incentives to invest in companies that want to breathe new life into shuttered manufacturing facilities and create new jobs”
The New Market Tax Credit was designed to give community developers financial incentives to invest in low-income areas. The Manufacturing Investment Act would extend the New Market Tax Credit for an additional three years, increasing its annual allocation from $3.5 billion to $5 billion.
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