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City of Philadelphia Receives $50 Million In ‘New Market Tax Credits’

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(Credit: Mike Dunn)

(Credit: Mike Dunn)

By Mike Dunn

PHILADELPHIA (CBS) – Courtesy Uncle Sam, the Nutter Administration has $50 million dollars in tax credits to dole out to start-up businesses in the city’s disadvantaged neighborhoods.

The U.S. Treasury Department this past week awarded three and a half billion dollars in so-called “New Market Tax Credits” nationwide, and Philadelphia was awarded $50 million of that.

Mayor Nutter then put the word out to developers and entrepreneurs to apply.

“We’re calling on businesses to come to PIDC, give us your innovative ideas, let us invest in you and then let us improve this great city. Give us your best shot.”

The PIDC is the Philadelphia Industrial Development Corporation, which would administer the tax credits. PIDC President John Grady is thrilled.

“These are very precious resources, and they’re for projects that need that last piece of resource to make them happen, and to get over the hump and to go.”

To apply call the PIDC at 215-496-8157.

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