New Market Tax Credits Had $550M Impact on Alabama

This program created 132 new jobs in Foley, Alabama (Chris Pruitt / Wikipedia)

The New Market Tax Credit program had a $557.4 million impact on Alabama over a 10-year span, according to a recent report. The credits are designed to spur growth in low-income or rural areas across the U.S. that struggle to attract investment from other sources. More than 30 businesses and revitalization projects received NMTC financing in Alabama in that time span, which created 2,823 construction jobs and 3,036 full-time jobs, the New Markets Tax Credit Coalition’s 2017 progress report shows.

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