New Markets Tax Credits Awarded
20 March 2003 - 10:00am
Sixty-six organizations in 40 states have been awarded New Markets Tax Credits by the U.S. Treasury's Community Development Financial Institutions.
"The credits are the first allocations in a five-year program that will total $14 billion by 2007. Awardees will be able to offer investors tax credits equal to 39 percent of the amount they invest, spread over seven years, in addition to any other financial return from the underlying investment."
Source:
Business Wire, March 14, 2003
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