Stonehenge set to get $53 million in tax credits

Stonehenge Capital Company is set to get $53 million in federal New Market Tax Credits, U.S. Sen. Mary Landrieu announced today. The Baton Rouge-based organization will use the tax credits to provide flexible and non-conventional loans to small businesses and nonprofits in low-income communities. The money will go toward projects with high needs. This is the fifth time Stonehenge has gotten New Market Tax Credits. The $420.5 million in allocations have been used for everything from Habitat for Humanity to the National World War II Museum in New Orleans, says Thomas Adamek, cofounder and president of Stonehenge. “We’re always trying to balance not knowing if we’ll receive an allocation and chasing deals, so we can deploy the allocations quickly,” he says. The fact that Stonehenge has deployed the credits rapidly means the organization keeps receiving more, he says. Overall, Louisiana organizations are in line to get $300 million in New Market Tax Credits. The program allows Community Development Entities to offer the tax credits to investors, who can in turn use them against federal income taxes. —Timothy Boone