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Public Affairs coverage from our award-winning staff |
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Feds Give Chicago $55 Million in Business Tax Credits
Produced by Susie An on Friday, October 30, 2009
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(Susie An/WBEZ) |
U.S. Treasury Secretary Timothy Geithner announced a $55 million tax credit award for Chicago, today.
Under the New Markets Tax Credit Program, the federal government is giving $5 billion in business tax credits to 99 projects in struggling communities across the country. About $1.5 billion of that is from stimulus funds.
Treasury Secretary Timothy Geithner says the economy is showing signs of stability, but the country isn't out of the dark yet.
GEITHNER: The recovery has about half the authorized funds are yet to be spent. They're going to be spent over the next several quarters. So there's a lot of reinforcement in the pipeline still. But we've got some work to do.
The program began in 2000 and is credited with creating hundreds of thousands of jobs. In the past, the city has spent some of the money on things like job training programs and supporting industrial facilities.
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