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Wicker praises $280 million in tax...

Wicker praises $280 million in tax credits awarded for Mississippi economic growth, community development

By: Anne Summerhays - September 2, 2021

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.

About the Author(s)
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Anne Summerhays

Anne Summerhays is a recent graduate of Millsaps College where she majored in Political Science, with minors in Sociology and American Studies. In 2021, she joined Y’all Politics as a Capitol Correspondent. Prior to making that move, she interned for a congressional office in Washington, D.C. and a multi-state government relations and public affairs firm in Jackson, Mississippi. While at Millsaps, Summerhays received a Legislative Fellowship with the Women’s Foundation of Mississippi where she worked with an active member of the Mississippi Legislature for the length of session. She has quickly established trust in the Capitol as a fair, honest, and hardworking young reporter. Her background in political science helps her cut through the noise to find and explain the truth. Email Anne: anne@magnoliatribune.com
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