Geithner unveils $5 billion in tax credits while in Chicago
CHICAGO (AP) Treasury Secretary Timothy Geithner says $5 billion in business tax credits will be going to more than 90 organizations in struggling communities nationwide.
Geithner says the money is through the New Markets Tax Credit program which is credited with creating hundreds of thousands of jobs since it began in 2000.
About $1.5 billion of the $5 billion is from stimulus funds.
It’s the second time this year Geithner has announced money under the program. In May he said $1.5 billion would go to organizations in 33 states.
Geithner spoke Friday at a job training center on Chicago’s West Side. He says the economy is stabilizing, but there’s a lot of work to be done.
Chicago Mayor Richard Daley says the city will get $55 million, but city officials didn’t have further details.
