Michigan's local investment tax credit gains traction
V.1, N.26
There’s no better way to celebrate our one-year anniversary with the most important piece of news since the legalization of investment crowdfunding in 2012: lawmakers in the Michigan State Legislature reached an agreement for passing the nation’s first tax credit for local investors! Based on a similar law in New Brunswick, Canada, the Michigan law would provide local investors with a 50% state tax credit on local investments (up to $3,000). Unlike the much over-hyped federal Opportunity Zone credit, this law will reward any resident – not just wealthy real-estate investors – who invest in any qualifying local business. The passage of laws like this around the country could be a huge boon to local investment and have a phenomenal impact on community economic development.
More good news in this issue includes: a story about a proposed federal investment tax credit to reward private investors in Community Development Financial Institutions (CDFIs) to continue providing capital to low-income neighborhoods; and another story about a woman in the Twin Cities saved from eviction after her neighbors bought her house – a model that should be copied everywhere!
We also note that this is the week – specifically June 21 – that marks World Localization Day. This year’s events included the release of a new film called Planet Local featuring many familiar voices to our readers. Please watch the film here, and encourage your friends and neighbors to check it out too.
And finally, as a birthday present from us, a big shout out to you – our 7,500+ readers and 75 Main Street Champions – for getting us on our feet this first year. Here’s to the next!
– Michael Shuman, Publisher, The Main Street Journal
NEWS
HB 4116 Allows Income Tax Credit On Investments In Michigan Small Business, MiBiz (June 16)
Senator Warner (D-VA) Introduces The Community Development Financial Institutions Tax Credit, Mark R. Warner (June 16)
A Minneapolis Woman Was About To Be Evicted. Neighbors Bought Her Home For Her., The Washington Post (June 13)
FINRA Fines Wefunder $1.4 Million for Crowdfunding Rule Violations; StartEngine Capital Separately Fined $350,000, FINRA (May 4)
PARTNER VOICES
Residents Owning Their Local Economy, Shelterforce (June 16)
Community Wealth Building Makes National Progress In Scotland, Democracy Collaborative (June 13)
Crowdfunding Regulations And Noncompliance: Breaking Down FINRA’s Million-Dollar Fines, The Kassan Group (June 9)
EVENTS
Recruit, Retain & Reward With Employee Ownership – Webinar. Wednesday, June 29, 1:30pm ET. Learn about employee ownership as a strategy to retain employees and build a succession plan.
A Conversation With The U.S. Small Business Administration – Webinar. Tuesday, July 12, 4-5pm ET. Join the American Booksellers Association (ABA) and the American Independent Business Alliance (AMIBA) for a webinar that covers topics like access to capital and SBA-backed loans and disaster assistance, plus a Q&A.
NC3 Resource Showcase – Webinar. Wednesday, July 20, 2pm ET. This webinar will help you bring your plans for a community capital project into reality. Learn about NC3’s online educational offerings, including the Local Investing Resource Center, and hear from technical assistance providers about how they created these resources and for whom.
ICYMI
Ensuring The Community Reinvestment Act Addresses The Racial Wealth Gap, ImpactAlpha (June 15)
To Jumpstart Local Economies, Invest In Diversity, The Hill (June 17)
JOBS BOARD
Ownership Matters is seeking a solidarity-minded individual to act as a strategic advisor as they expand their publication and take on a new research-related project, the Solidarity Workshop, slated to launch on September 1. The publisher position is unpaid, similar to a board position, and amounts to a volunteer opportunity with a request for a recommended minimum donation of $10k. Ownership Matters is a small team with an outsized impact, reaching almost 1,000 leaders, activists, practitioners, and investors in the emerging solidarity economy scene. Their partners include: New America, Zebras Unite, Shareable, and others. For more information, please contact editor Elias Crim at ecrim@ownershipmatters.net.
Mission Driven Finance is seeking a Salesforce & Technology Administrator.
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the intake survey below to join this first cohort!
SOME OF The MSJ’s VINTAGE ISSUES
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About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.