Tax credits will be used in low-inome areas
Rockland Trust, which has several branches in Plymouth and neighboring communities, is one of 70 banks to receive tax credits under a federal program.
Banker & Tradesman reports the company received $66 million in credits under the New Markets Tax Credit Program, which is intended to encourage investment in business and real-estate projects in low income communities. The money is officially being awarded to a subsidary company, the Rockland Trust Community Development Corporation.
The bank has received similar credits in the past and claims to have created about 2,800 jobs with that money.
Read the Banker & Tradesman story here.