George S. May Business Blog

Timothy Geithner reveals tax credit plan in Chicago

(AP) — Treasury Secretary Timothy Geithner is in Chicago to announce plans for $5 billion in investment for struggling communities nationwide.

He’s scheduled to tour a job training on the city’s West Side with Mayor Richard Daley.

After that, Geithner is expected to announce that three Chicago-area institutions will receive awards under the New Markets Tax Credit program.

The program was started in 2000 and is credited with creating hundreds of thousands of jobs. The idea is to provide business tax credits in areas hit hard by the downturned economy to create and save jobs.

Geithner will be at the Greater West Town Community Development Project, which has offered career development services for more than two decades. The center has received help under the tax credit program.

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