Congressman Brian Higgins, D-NY-26, spoke before the House of Representatives to support the new markets tax credit program and call for a permanent extension in advance of its expiration on Dec. 31 of this year.
In his speech, Higgins notes new markets investments have leveraged more than $180 million for projects in the City of Buffalo, including construction of Roswell Park's new Clinical Sciences Center. Other local projects that have received new markets investment include: the Electric Tower, the Oak School Lofts, Ellicott Commons, the Webb Lofts, Asbury Hall, AM&A's Warehouse Lofts, 567 Exchange Street and the Innovation Center.
In October, Higgins joined his colleagues in sending a letter to the chairman and ranking member of the House Ways & Means Committee asking for an indefinite extension of the new markets tax credit program.
The text of Higgins' remarks is below:
"Mr. Speaker, I rise today in support of the new markets tax credit program, which is set to expire at the end of this year.
"This program has proven critical toward making successful investments in communities like my own in Western New York. In the City of Buffalo, new markets investments have leveraged over $180 million for projects, including restoration of the historic Electric Tower and development of the Innovation Center on the Buffalo Niagara Medical Campus. Thanks to new markets tax credit-leveraged funding, construction is currently underway at Roswell Park Cancer Institute's new clinical sciences center.
"Mr. Speaker, at a time when our economy is recovering from collapse, support for programs that yield economic development and job creation is more critical than ever. I have joined my colleagues in seeking a permanent extension of this program and encourage our other colleagues to join us in the same pursuit."