New Market Tax Credit Reports Ignore Success

A Comment on Reports by GAO and Senator Coburn

Today, two reports were released on the New Markets Tax Credit (NMTC), one by the Government Accountability Office (GAO) and another by Senator Tom Coburn (R-OK), respectively “Better Controls and Data are Needed to Ensure Effectiveness” and “Banking on the Poor.” In both his press release and report, which were released concurrently with the GAO report that he commissioned, Senator Coburn offered his long-standing criticism of the NMTC, claiming that businesses that receive financing are examples of the government choosing favorites.

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