Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

New Markets Tax Credit Report Details Job Creation Amid Pandemic

June 17, 2021, 4:25 PM

The New Markets Tax Credit supported 272 projects with nearly $3 billion in funds last year, according to a new report from a coalition advocating for the credit’s expansion and permanence.

The Treasury Department awards the tax credit to program applicants who then sell them to investors to finance lending and development in low-income areas. Congress extended the temporary tax credit under a December 2020 law, but it will still expire at the end of 2025. House and Senate lawmakers have introduced legislation (H.R. 1321, S. 456) to expand the tax credit and make ...