- Published: 19 May 2015
WASHINGTON D.C. - Senator James Clayborne (D-Belleville) will be traveling to Washington, D.C., in June to be honored at Novogradac & Company LLP’s New Markets Tax Credit (NMTC) Conference.
Clayborne was awarded the Novogradac Journal of Tax Credits Community Development Individual Achievement Award because of his support and contributions to the New Markets Tax Credit program (NMTC).
The program began in 2000 and increases investments into businesses and real estate projects located in low-income communities. The program achieves this by allowing individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities.
“As a senator I strive to be a leader, innovator and make a significant impact on public policy so that all families can and will succeed.” Clayborne said. “The program does remarkable work and I wanted to support it because I saw the impact it had on the community.”
Senator Clayborne was also named State Legislator of the Year for his support of the NMTC program. Clayborne’s strong support led to legislation that created the Illinois New Markets Development program, one of the first state NMTCs in the country.
Clayborne didn’t stop at just bringing the program to Illinois. He advocated and promoted it so well that the program received extensions for two years, which led to four state NMTC funding rounds that brought in a half-billion dollars for Illinois’ low-income communities.
“I am honored to be awarded legislator of the year,” Clayborne said. “My duty as a senator is to look out for families and individuals that need help the most. I will continue to participate in programs that do just that.”