Rep. Richmond Urges Louisiana Senators to Protect Tax Credits Critical to Louisiana in Tax Bill
Stresses the importance of New Market Tax Credit and Historic Tax Credit
WASHINGTON – Yesterday, Rep. Cedric Richmond (LA-02) sent a letter to Senator Bill Cassidy (R-LA) and Senator John Kennedy (R-LA) regarding the elimination of the New Market Tax Credit (NMTC) and Historic Tax Credit (HTC) in the Republican’s proposed tax plan.
“The NMTC is an important program that provides a tax credit to individual and corporate investors who choose to invest in developments in low-income communities,” said Rep. Richmond. “Both the NMTC and HTC have a proven track record of increasing investment in targets communities, each returning $8 in private capital for every dollar of federal investment. One of my top priorities as Representative of the 2nd district is revitalizing and spurring economic development in North Baton Rouge, and the NMTC and HTC are key components to the plan we have developed.”
“While we may not agree on the overall package, we often agree on the issues that are important to Louisiana and this is one of those issues.”
Read the full letter here.