By Teresa Garcia, Editorial Assistant, Novogradac & Company LLP
Published in the Novogradac Journal of Tax Credits – February 2013, Volume IV, Issue II
The New Markets Tax Credit (NMTC) program was revived with Congress’ Jan. 2 passage of the American Taxpayer Relief Act of 2012 (H.R. 8). The eleventh hour decision extends the NMTC through 2013 at $3.5 billion per year. A report released in December by the New Markets Tax Credit Coalition confirmed what program supporters have been saying since before the NMTC was allowed to expire in 2011: the NMTC is a sound investment not just for communities, but for taxpayers as well. Statistics show that the program has created thousands of jobs in economically distressed areas and has generated a healthy return on investment.