Wyoming communities will soon see new investments in businesses and jobs thanks to a nonprofit that plans to reserve a portion of its $65 million New Markets Tax Credit award for the state.
Montana and Idaho Community Development Corporation (MICDC) will invest about $12 million in Wyoming projects in hopes of improving the state’s economy. The nonprofit expanded into Wyoming this past July and will use the first of its U.S. Treasury award for contributions to Wyoming businesses and organizations.
The nonprofit sells tax credits to investors. Then the tax credit turns into cash, which is used to finance projects. Dave Glaser, the MICDC president said the tax credit is meant to incentivize development in low-income areas.
“Wyoming has a number of these census tracts,” he said. “And we’re going to use this capital to encourage business expansions and new facilities, both for-profit and nonprofit companies. Just as we've done all over Idaho and Montana for years.”
Glaser added Cody, Lander, Torrington, Sheridan and other Wyoming communities have the correct demographic profiles to receive the funding. He said they’re especially interested in projects that will show an immediate benefit to a community.
“Each one of these projects will be different in that respect,” said Glaser. “Some of them are manufacturing facilities creating lots of jobs with benefits, others might be a nonprofit facility that is providing health care for low-income Wyoming residents.”
Glaser said he’s confident the federal dollars will help transform Wyoming communities. MICDC is currently looking for potential projects.