Central Bank of Kansas City has received authority to award $60 million in federal tax credits to help spur investment in economically distressed areas.
The New Markets Tax Credits allow individuals or corporate taxpayers to claim a 39 percent nonrefundable federal tax credit, taken over seven years, for investing in projects that qualify.
For example, the bank allocated credits to the Linwood Area Ministry Project, a restoration of Linwood Presbyterian Church in Kansas City’s Ivanhoe neighborhood.
Bill Dana, Central Bank’s president, said the bank requires the investments to be in “severely distressed” areas with high levels of unemployment and poverty.
The $60 million brings to $271 million the amount of tax credits the bank has been allocated under the program. Central Bank was awarded the tax credit authority by the U.S. Treasury’s Community Development Financial Institutions Fund.
To reach Mark Davis, call 816-234-4372. Follow him on Facebook and Twitter at mdkcstar.