Cherokees To Offer Opportunity Incentives

NewsOn6.com

CATOOSA, OK -- Cherokee Nation Businesses has been awarded $60 million in New Market Tax Credits. 

Officials say the money can be used to encourage businesses to locate and expand operations in northeastern Oklahoma. 

Cherokee Nation Businesses will offer the tax credits as incentives to companies who can bring jobs and economic opportunity to the northeast region. 

"Cherokee Nation Businesses is creating an environment for job creation and investment in our local communities," said Chad Smith, Principal Chief of the Cherokee Nation.  "Cherokee Nation and our businesses employ nearly 8,000 people, and these tax credits, coupled with other incentives, will help us bring in millions in private investment to create more jobs and further diversify our economy." 

The $60 million in tax credits are the largest ever granted to a tribally affiliated organization. 

The New Markets Tax Credit program permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in designated Community Development Entities.

New Market Tax Credits information is available at www.cdfifund.gov.

More information about Cherokee Nation Businesses is available at www.cherokeenationbusinesses.com