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New Market Tax Credit gets innovation award
WASHINGTON (4/15/09)—The U.S. Treasury Department’s New Market Tax Credit (NMTC) Program is one of the top 50 programs named in the Innovations in American Government Awards Competition by the Ash Institute for Democratic Governance and Innovation at John F. Kennedy School of Government at Harvard University. Credit unions are among those eligible to participate in the NMTC program designed in 2002 to spur the investment of new private sector capital into low-income communities. The program permits individual or corporate taxpayers to receive a credit against federal income taxes for making Qualified Equity Investments (QEIs). Those investments must be made in designated Community Development Entities (CDEs). The Treasury’s Community Development Financial Institutions (CDFI) Fund allocates the tax credits annually through a competitive application process. Through the first six rounds of the NMTC Program, the CDFI Fund has made 364 awards totaling $19.5 billion in tax credit allocation authority. The CDFI Fund anticipates awarding another $5 billion of allocation authority to CDEs in the fall of 2009, including the additional $1.5 billion in allocation authority authorized through the Economic Recovery Act. The Harvard school of government award, initiated in 1985, is intended to restore “public trust in government by promoting public sector creativity and excellence,” according to the Kennedy School. Competing programs must demonstrate innovative solutions, but may come from within a host of policy areas including health and social services; management and governance; community and economic development; education and training; criminal justice; transportation and infrastructure; and the environment. Use the resource links below for more NMTC information.
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