U.S. Sen. Maria Cantwell, D-Wash., signed on to a bill Tuesday that would make the New Markets Tax Credit permanent. The credit, which helps finance company expansions in low-income communities, is set to expire at the end of this year.
The tax credit has supported thousands of jobs in the state, Cantwell said. A $48 million tax credit through the program made it possible for Farwest Steel Corp. to build and equip a steel fabrication plant at the Port of Vancouver.
The bill to make the tax credit permanent was introduced by Sens. Jay Rockefeller, D-W.Va., and Roy Blunt, R-Mo. The New Markets tax credit program began in 2000.