The Credit Helps Fund a Variety of Projects in Low-Income Communities, but Could Be Simplified

January 2010
GAO Reports;1/29/2010, preceding p1
Government Document
The article presents a report from the U.S. Government Accountability Office (GAO) in context to New Markets Tax Credits (NMTC) awarded by the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund. The report describes where, and how Community Development Entities (CDEs) are using NMTCs. Recommendations of GAO are also presented.


Related Articles

  • Where social programs go to hide. Wildavsky, Ben // National Journal;2/07/98, Vol. 30 Issue 6, p294 

    Focuses on targeted tax cuts enacted in 1997 for the middle-class families in the United States. Amount proposed by the President Bill Clinton administration between 1999 and 2003 to tax credits; Implication of the growing use of tax code to enact social policy according to critics; Practical...

  • Tax Executives Institute--U.S. Department of Treasury Liaison Meeting.  // Tax Executive;May/Jun2004, Vol. 56 Issue 3, p249 

    Presents information on the annual liaison meeting of the Tax Executive Institute (TEI) with the Office of Tax Policy of the U.S. Department of Treasury on February 4, 2004. Agenda of the meeting; Comments on section 482 services regulations; Improvement of the research tax credit regulations...

  • Tax credit awarded. Bengtson, Tom // North Western Financial Review;6/15/2004, Vol. 189 Issue 12, p6 

    Eighteen months of work paid off for Indiana bankers when the U.S. Treasury Department announced on May 6 that the CBAI Community Development Inc., was awarded $50 million in New Market Tax Credits. The subsidiary of the Community Bankers Association of Indiana was one of 271 organizations to...

  • Treasury Extends Deadline for Exchanging Low-Income Tax Credits for Cash. Schroeder, Peter // Bond Buyer;9/3/2009, Vol. 369 Issue 33178, p4 

    The article reports on the move of the U.S. Department of Treasury to extend the deadline for exchanging low-income tax credits for federal cash grants through 2011. The department claimed that the original expiration date would likely affect the completion of many eligible projects by the end...

  • tax news.  // Accounting Today;9/21/2009, Vol. 23 Issue 14, p16 

    This section offers U.S. tax news briefs in 2009. Tax credits amounting to 2.3 billion U.S. dollars will be given to clean energy equipment manufacturers as planned by the U.S. Treasury and Energy Departments, which will be available for two years or until the cap has been reached. Aerospace and...

  • Do You Know Where Your Employees' Wages Are? New Section 199 W-2 Wage Limitation Guidance. Auclair, David; Schwartz, Mel; Shevak, Richard // Tax Executive;Jan/Feb2007, Vol. 59 Issue 1, p33 

    The article focuses on the Section 199 W-2 Wage Limitation Guidance from the U.S. Internal Revenue Service (IRS) and the Department of Treasury in relation with the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA). Taxpayers will have to determine the amount of W-2 wages allocable...

  • Funding Opportunity Title: Notice of Allocation Availability (NOAA) Inviting Applications for the CY 2012 Allocation Round of the New Markets Tax Credit (NMTC) Program. Nolan, Dennis // Federal Register (National Archives & Records Service, Office of;7/24/2012, Vol. 77 Issue 142, p43418 

    The article presents a notice from the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury on the allocation availability of the New Markets Tax Credit (NMTC) program. It cites the capability of the said fund to provide Community Development...

  • Tax Credit for CDE Investments.  // National Mortgage News;1/10/2005, Vol. 29 Issue 16, p14 

    Reports that the United States Treasury Department and Internal Revenue Service (IRS) have issued the New Markets Tax Credit (NMTC) final regulations that include a tax credit to investors who make qualified equity investments in Community Development Entities (CDE) effective December 22, 2004....

  • Key Bank awarded $100 million in new markets tax credits.  // Hudson Valley Business Journal;11/19/2007, Vol. 18 Issue 47, p22 

    The article reports on the $100 million New Markets Tax Credits (NMTC) awarded by the U.S. Department of Treasury to Key Community Development New Markets LLC in New York. A subsidiary of KeyCorp., Key Community was awarded as part of a federal tax incentive program to encourage lending and...


Read the Article

Other Topics