US Treasury issues $65 million to Montana-Idaho firm

The Montana and Idaho Community Development Corporation recently received $65 million in New Market Tax Credits from part of the annual allotment distributed by the U.S. Treasury.

The nonprofit organization with hubs in Missoula, Bozeman and Boise will sell the tax credits to investors, and use the cash they get in exchange to offer subsidies of around 15 to 20 percent to projects that will stimulate economic development in Montana, Idaho and Wyoming, said director David Glaser.

Exactly how the funds are distributed in that wide swath of the Mountain West depends on which applicants are approved and able to collect the rest of the financing for their project the fastest, Glaser said.