Communities that have suffered significant manufacturing job losses would benefit from a tax credit introduced in Congress by U.S. Sen. Sherrod Brown (D., Ohio), the senator said in a telephone news conference Wednesday.
The bill, titled Manufacturing Communities Investment Act, would renew the New Market Tax Credit that existed from 2003 to 2012 for three more years. Senator Brown said the tax credit helped create more than 550,000 jobs and $60 billion in private investment.
The bill would allocate $5 billion annually, with an additional $1 billion for communities that suffered “major job loss,” Mr. Brown said.
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