Politics & Government

Senator Clark Helps Advance Tax Credit Bill

Legislation encourages private investment in localities hit the hard by the economy.

Note: The following is an announcement from the office of State Senator Katherine Clark:

The Joint Committee on Community Development and Small Business has given its approval to a significant tax credit bill that encourages private investment in localities that have been hit the hardest by the economic turmoil. Senator Clark serves as Vice Chairman of the Committee.

“Developing economic opportunity is one of the most important things we can do in this economy,” Senator Clark stated. “Right now, low and moderate-income communities really need a helping hand, and these bills provide some necessary relief.”

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The Community Development Partnership Act has cleared the legislative committee, and supporters expect it to be reviewed next by the Revenue Committee this fall. Under the bill, community development corporations certified under a 2010 law would develop multi-year business plans for economic development in their local communities.

Within the local communities, community-based non-profit organizations selected by the Department of Housing and Community Development will receive an allocation of investment tax credits through a competitive bid process. Tax credit allocations will range from $50,000 to $150,000 per organization each year, and credits can be awarded for up to three years before the community development corporations must reapply.

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The bill is sponsored by Sen. Sal DiDomenico (D-Everett) and Rep. Linda Dorcena Forry (D-Dorchester) and 46 co-sponsors.


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