At Cincinnati Manufacturer, Portman Discusses Need to Make New Market Tax Credit Permanent
CINCINNATI, OH — At the Nehemiah Manufacturing Company today in Cincinnati, U.S. Senator Rob Portman (R-OH) discussed his support for making the New Market Tax Credit program permanent. Cincinnati has been a significant beneficiary of the New Market Tax Credit, which is helping make possible Nehemiah’s expansion in Price Hill. Nehemiah provides employment opportunities to candidates with criminal records, gaps in employment, and other barriers to finding meaningful work.
“The New Market Tax Credit was instrumental in the transformation of much of Cincinnati’s urban core, and has a proven record of spurring economic development in other parts around our state as well, including Cleveland, Columbus, and Dayton. It’s a significant tool for investing in our local communities, boosting economic development, and creating jobs. I strongly support making this tax credit permanent, and I’m working with my colleagues on both sides of the aisle in Congress to make that happen.
“I was also pleased to see firsthand the work that Nehemiah is doing to help ex-offenders and others get good jobs and rebuild their lives. I heard from one employee who shared his story of the challenges of trying to find a job after spending eight months in prison and beating his addiction. One day his mom convinced him to go to church with her where he met someone from Nehemiah who told him ‘We’ve got something for you. We don’t care about your record. You are welcome at Nehemiah.’ And what started as a three-week job assignment five years ago led to seven promotions and the leadership position he holds today. That is exactly what my Second Chance Act is working to accomplish, ensuring that those who’ve found hard times can get back on their feet and live out their God-given potential.”
NOTE: The New Market Tax Credit was extended for five years in 2015, but there is bipartisan support for making the program permanent to provide greater certainty to investors considering development projects that would not otherwise occur. In 2015, Portman offered an amendment to make the New Market Tax Credit permanent in the Senate Finance Committee, but it did not receive a vote. Portman is backing legislation called the New Markets Tax Credit Extension Act to make the program permanent. Ohio has benefited significantly from the program. In the most recent round of awards, Ohio Community Development Entities (CDEs) received $385 million of the total allocation authority awarded for this program.
Nehemiah was founded in 2009 with the mission to build brands, create jobs, and change lives. It offers ex-offenders and others with barriers to finding meaningful employment entry-level jobs to in light manufacturing, fulfillment and warehousing for name-brand products that are assembled, stored, and shipped from its facilities in the City of Cincinnati. Portman, who is author of the Second Chance Act, continues his efforts to reauthorize his Second Chance Act legislation along with Senator Patrick Leahy (D-VT). Last year, he spoke at the City Club of Cleveland on the importance of giving people in our communities a second chance at success. Excerpts of his remarks are below and a full video of his remarks can be seen here.