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Washington
NMTC program honored by Treasury
WASHINGTON (4/16/08)—The Treasury Department cited as one of the top 50 government projects a program favored by credit unions that provides tax credits for investment in low-income communities. The citation recognized the innovation and effectiveness of the tax incentive option--formally known as the New Markets Tax Credit Program. Making the top 50 means the NMTC is eligible to advance to the final stage of competition for the prestigious 2008 Innovations in American Government Award. The NMTC program was chosen from approximately 1,000 government programs across the nation that had applied for the award. The NMTC Program permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities.
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