70 Lawmakers Call For New Markets Tax Credit Extension

Law360, New York (November 1, 2013, 3:34 PM EDT) -- A bipartisan group of 70 lawmakers on Thursday petitioned for a permanent extension of the New Markets Tax Credit, which gives a tax break for equity investments in low-income communities.

Set to expire at the end of December, the program gives a 39 percent tax credit over seven years to community development entities, a classification that the U.S. Treasury Department grants to corporations and partnerships that provide loans, investments or financial counseling in designated low-income communities.

“There is substantial evidence that low- and moderate-income communities are...
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