“New Markets, Historic and Rehabilitation Tax Credits” By Darryl P. Jacobs

Written By: Darryl P. Jacobs

In the recently passed Wall Street Bailout, Congress and the President extended the New Markets Tax Credit (“NMTC”) for 2009. Introduced originally in the Community Renewal Tax Relief Act of 2000, the NMTC originally was envisioned as an incentive to encourage investments in operating businesses located in economically disadvantaged areas, but most NMTC investments typically are made in connection with developments of nonresidential real property (use of credits for residential projects is extremely limited).

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