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Gillibrand pushes "Make it in America" grants

June 22, 2011

The New Markets program generated almost $50 billion in financing to businesses in some of the most economically distressed communities. From 2003 to 2009, every publically invested dollar leveraged $12 in private capital in return. 155 businesses in New York have benefited from over $1.42 billion in New Market Tax Credits.

Since 2007, the tax credit has been extended on a year-to-year basis, making it difficult for local communities to plan projects, and use it to leverage additional private investment into new business ventures to help create jobs and revitalize communities.