Mississippi entities will distribute proceeds through the 2020 New Markets Tax Credit Program.
U.S. Senator Roger Wicker (R) praised the award of $280 million in tax credit allocations to five Mississippi-based community development entities (CDEs): Bancorp South, Trustmark Bank, Peoples Bank, Hope Enterprise Corporation, and MuniStrategies, LLC. The tax credits will be distributed through the U.S. Treasury Department’s New Markets Tax Credit (NMTC) Program.
The New Markets Tax Credit Program (NMTC) has supported a wide range of businesses including manufacturing, food, retail, housing, health, technology, energy, education, and childcare. The Program aims to break the cycle of disinvestment in low-income communities by attracting the private investment that is needed in order to revitalize struggling local economies.
The $280 million figure is the largest award Mississippi has ever received from the program. The tax credits are distributed through the U.S. Treasury Department’s New Markets Tax Credit (NMTC) Program to financial institutions to help spur investment and economic growth in low-income urban and rural communities nationwide.
“This large allocation of New Markets Tax Credits to Mississippi is welcome news for communities that need additional economic support,” Senator Roger Wicker said. “The New Markets Tax Credit program has proved to be a valuable source of private investment, giving Mississippians across our state access to the financial services necessary for economic growth and community development.”
The five Mississippi-based community development entities that will receive awards are:
- Hope Enterprise Corporation- $55,000,000
- Southern Community Capital, LLC- $60,000,000
- PB Community Impact Fund, LLC – $50,000,000
- MuniStrategies, LLC – $65,000,000
- BXS Community Fund, LLC – $50,000,000
For more information on the NMTC Program, click here.
Click here for a full list of awards.
Anne Summerhays
