[StBernard] Governor Blanco, Secretary Olivier commend Congress for $3.9 billion business incentive, urge more i

[Westley Annis]

Governor Blanco, Secretary Olivier commend Congress for $3.9 billion business incentive, urge more investment

Final round of New Markets Tax Credits specifically for GO Zone

BATON ROUGE - Governor Kathleen Babineaux Blanco and Louisiana Economic Development Secretary Michael J. Olivier issued the following statements today after U.S. Treasury Deputy Secretary Robert M. Kimmitt announced $3.9 billion in New Markets Tax Credits allocations. 

"This is great news for Louisiana's recovery," Governor Blanco said. "Congress and the President should be proud of this effective federal program that encourages investment in areas in need of economic development. Louisiana, too, should be proud as one of the few states in the Union to have our own state NMTC program to further catalyze economic development. In Louisiana, when we talk community development, we mean business. NMTC is effectively encouraging investment in communities needing a boost. It is an American success story, combining the power of public and private resources to make important investments in our nation's communities. It is this kind of investment that will continue fueling our recovery as communities continue to rebuild." 

"Congress has targeted a portion of this program to specifically spur recovery in the GO Zone, and that has been a tremendous help in our state's efforts to strengthen our economy following Hurricanes Katrina and Rita," Sec. Olivier added. "NMTC has proven to be a very useful tool in the GO Zone as it helps businesses and developers meet the post-hurricane challenges of increased costs for construction, labor, and insurance. Governor Blanco and I are urging Congress to strongly consider reauthorizing the NMTC Program and to authorizing an additional $400 million in NMTC allocation specifically targeted for the GO Zone to assist in our ongoing economic recovery. This additional assistance will certainly lead to a quicker and more robust economic recovery for areas heavily impacted by the 2005 storms."

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The Louisiana Disaster Recovery Foundation
Louisiana's Fund for Louisiana's People
www.louisianahelp.org