WASHINGTON – U.S. Sen. Sherrod Brown yesterday announced new legislation that would provide incentives for manufacturing investment in local communities hit hard by manufacturing job losses.
On a conference call with reporters, Brown, D-Ohio, outlined details of his legislation, the Manufacturing Communities Investment Act. The legislation would build on the New Markets Tax Credit, which gives community developers incentives to invest in low-income areas. Brown’s bill would spur local job creation by extending and enhancing the credit to allocate additional dollars for investment in struggling manufacturing communities.
“In Ohio, we know that manufacturing has been a ticket to the middle class,” Brown said. “And one of the reasons why our manufacturing sector is growing is the success of the New Markets Tax Credit. But despite this progress, there are still too many manufacturing communities struggling since the Great Recession. We should apply the proven principles of the New Markets Tax Credit to help these communities. The Manufacturing Communities Investment Act would spur manufacturing investment to help create jobs and replace those that communities lost.”
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