New Markets Tax Credit Extended for Two Years

New Markets Tax Credit Extended for Two Years

Blog, Featured, Latest News, Slideshow
On January 1, 2013, the House of Representatives passed The American Taxpayer Relief Act (H.R. 8), by a vote of 257-167. The package includes extension of New Markets Tax Credits for 2012 and 2013 at $3.5 billion in annual credit authority. This was an important step by Congress to ensure the continued flow of billions in capital to credit-starved businesses in our nation's most distressed urban and rural communities. Read more about the New Markets Tax Credit: NMTC Economic Impact Report NMTC: At Work in Communities Across America 
Read More
New Report on Economic Impact of Federal Tax Credit Program Demonstrates Significant Return on Investment to Taxpayers

New Report on Economic Impact of Federal Tax Credit Program Demonstrates Significant Return on Investment to Taxpayers

Blog, Featured, Latest News, Slideshow
New Markets Tax Credit (NMTC) Economic Impact Report Finds that NMTC Has Generated A Significant Number of Jobs, Expanded State and Local Tax Base in Economically Distressed Areas WASHINGTON, D.C.– A report issued today by a coalition of community development organizations and financial institutions details how an expired federal tax credit, awaiting congressional action, has spurred private investment in economically distressed communities to create over 500,000 jobs, generate over $5.3 billion in federal income tax revenue and over $3 billion in state and local taxes – an amount which more than covers the cost of the program as measured in terms of revenue lost by the federal government – and revitalize communities across the country. “While there is ample data on the New Markets Tax Credit’s (NMTC) track record of…
Read More