Monday - Nov 24,2008

2009 Inaugural Information

Boucher Proposes Special Carbon Capture and Storage Fund

Exploring Southwest Virginia


Activities of the Energy and Air Quality Subcommittee  

 

Commonly Asked Questions About the Digital TV Transition  

Menu

 

Event Calendar

Oct   Nov 2008   Dec
SMTWTFS
   1
  2  3  4  5  6  7  8
  9101112131415
16171819202122
23242526272829
30 
VLSI Resources
Boucher Announces $15 Million In Tax Credits to Create Jobs in SWVA (October 24, 2008)
 

BOUCHER ANNOUNCES $15 MILLION IN FEDERAL TAX CREDITS TO CREATE JOBS IN SOUTHWEST VIRGINIA

 

          (Washington, D.C.) - U.S. Representative Rick Boucher announced today that at his urging, the U.S. Department of the Treasury through its New Market Tax Credit Program is awarding $15 million in tax credit allocation authority to People Incorporated Financial Services located in Abingdon.

 

             The New Market Tax Credit program is designed to attract and encourage private investment in low-income communities. Investors will provide a total of $15 million in capital to People Incorporated Financial Services, which will use the funds invested to make available low interest loans to non profit organizations and small businesses for projects which create jobs in the region. The investors will receive a tax credit against their federal income tax equal to 39 cents for each dollar invested as a result of the designation announced today.

 

"With the benefit of the New Market Tax Credit allocation authority announced today, People Incorporated will be in a strong position to provide low interest loans to promising economic development projects throughout Southwest Virginia," Boucher said.

 

              The low interest loans will be made to small businesses and non-profit organizations .The funds will finance a number of community development initiatives including small business expansions and projects enhancing the region's tourism economy.

 

            "People Incorporated Financial Services has provided businesses in Southwest Virginia with access to capital to meet their financing needs for the past 15 years.  Today's announcement is an important step because the allocation of New Market Tax Credits will enable us to provide businesses and non-profit organizations in the region with the capital and flexibility that they need to revitalize communities and to be successful in our changing economy.  In these turbulent economic times, we are pleased to have yet another tool to stimulate economic growth and jobs creation in communities throughout Southwest Virginia" said Rob Goldsmith, President and CEO of People Incorporated Financial Services.

 

-###-