New Markets Tax Credit: Better Controls and Data Are Needed to Ensure Effectiveness

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Our Price: $20.00

By James R. White (au)
Year: 2014
Pages: 48
Binding Paperback
ISBN 978-1-4578-5693-8

Product Code: 145785693X

Description

Congress established the New Markets Tax Credit (NMTC) program as part of the Community Renewal Tax Relief Act of 2000 to encourage investors to invest in impoverished, low-income communities that traditionally lack access to capital. In recent years, private investors have claimed more than $1 billion in NMTCs annually. The credits are combined with private loans and other public funds to support investments in low-income communities. This report reviewed the financial structure of NMTCs. It assesses: (1) the complexity and transparency of NMTC financial structures and controls over the size of federal subsidies; (2) what is known about the types and amounts of fees and other costs of the financial structures; (3) what is known about the equity remaining in low-income community businesses after the 7-year credit period; and (4) what is known about NMTC project failure rates. Tables and figures. This is a print on demand report.

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