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Tax Credits Likely to Gain Bipartisan Approval

CHICAGO—Local experts say many businesses that would benefit from participating in the program never even look into it, largely because they incorrectly assume their projects are not in what the US considers a distressed community.

By Brian J. Rogal | brianjrogal | Updated on February 27, 2017

hi-corporate_sustainability_method_soap_factory_chicago (2) The Method soap factory in Chicago’s Pullman neighborhood was financed with NMTC, and uses wind and solar power.

CHICAGO—Last November, the US Treasury Dept. allocated $7 billion in New Markets Tax Credits, by far the largest amount ever given out since the program, which promotes business and real estate investment in low-income and distressed communities, began in 2000. But experts say many businesses that would benefit from participating in the program never even look into it, partly because they can’t see themselves investing in a distressed community. 

“You would be surprised at what kind of projects qualify,” Darryl Jacobs of Ginsberg Jacobs LLC, tells GlobeSt.com. He is one of the country’s leading NMTC experts, with a portfolio of projects spanning multiple markets and sectors, and says many areas considered the hottest markets in Chicago meet the program’s requirements. “Virtually every industrial area in Chicago qualifies, and it’s a pity some people don’t know it’s available to them.”

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