Appalachia

http://www.portsmouth-dailytimes.com/news/news/3159787/Brown-bill-encourages-investment
Brown Bill Encourages Investment
By Frank Lewis
19 hours ago
By Frank Lewis
flewis@civitasmedia.com

According to figures from the office of U.S. Senator Sherrod Brown (D-OH), Scioto County projects have benefited from the New Markets Tax Credit (NMTC) to the tune of $16,392,885.

Brown held a news conference call to announce his first of its kind legislation that would incentive manufacturing investment in local communities hit hard by major manufacturing job loss. Brown outlined details of the Manufacturing Communities Investment Act, new legislation which would build on the proven success of the NMTC. Brown told reporters NMTC incentivizes community developers to invest in low income areas. Brown said his bill would spur local job creation by extending and enhancing the NMTC 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.”

In Scioto County, 18 projects in the city of Portsmouth totaled $12,018,780 in NMTC funding for a total cost of $15,404,476; two projects in McDermott totaled $2,202,000 in NMTC funding, the total cost of the project; In New Boston, $1 million in NMTC funding was involved in a project there, which was the total cost of the project; A project in Franklin Furnace showed $529,105 in NMTC funding with a total cost of $594,500; A project in Wheelersburg reflected $476,000 in NMTC funding, the total price of the project and in Lucasville, NMTC funding of $167,000 contributed to a project totalling $477,000.... MORE

NOT THIS KIND --
Kentucky govt. diverts economic development funds from Appalachian counties for basketball arena
http://www.democraticunderground.com/10023147631