REI New Markets Investment, LLC promotes the revitalization of distressed communities by utilizing the New Markets Tax Credit (NMTC) as a tool to increase direct investment in Oklahoma communities, create jobs, strengthen the economy and improve the lives of families.
The NMTC was enacted to encourage private investment for injection of capital into low-income rural and urban communities. A report issued by the New Markets Tax Credit Coalition details how the NMTC program has spurred private investment in these communities. Between 2003 and 2010, NMTC investments have created more than 8,400 jobs in economically distressed communities in Oklahoma. The investments also generated more than more than $33 million in state and local tax revenue.
“These findings on the impact of the New Markets Tax Credit program are amazing,” said Kenny Simpson, President of REI New Markets Investment, LLC. “The Program is an excellent tool for bringing needed capital to underserved communities as the economic spillover from one project often generates other job-creating businesses and opportunities.”
According to Rapoza Associates, “the NMTC provides the federal government with a significant return on investment.” NMTC investments in Oklahoma have generated more than $68 million in federal tax revenue between 2003 and 2010.
On January 1, 2013, the New Markets Tax Credit was extended for two more years. “It’s clear this program is a catalyst for economic growth,” said Simpson. “REI New Markets Investment has received three allocations and has partnered in 26 projects throughout Oklahoma. We are committed to helping create jobs and strengthening the economy and this has been and excellent avenue to help achieve that mission.”
The New Markets Tax Credit, issued over a seven-year period, provides investors with a 39% Federal Tax Credit for investments into a qualified business in a low-income area. For more information about the program contact Debbie Partin at 800.658.2823.