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Opportunity Arises in 2013: Congress Extends the NMTC


Following back-and-forth wrangling and bipartisan budget battles, last night, the House voted to pass legislation aimed at averting the fiscal cliff. Congress approved the bill in its efforts to prevent harsh automatic tax increases and across-the-board budget cuts that were scheduled to take effect at midnight on January 1, 2013. The bill includes a number of provisions that provide certain taxpayers with great opportunity and investment potential.

Accordingly, the much anticipated extension of the New Markets Tax Credit is one such provision. The bill extends the NMTC for two years. $3.5 billion in tax credits are allocated for each of 2012 and 2013. Although applicants have already filed 2012 applications with the CDFI, the CDFI has not yet released application information related to the 2013 allocation as of the date of this publication. We anticipate they will do so in the coming months ahead and CohnReznick will keep you informed accordingly.

Stay abreast of NMTC news by reviewing other recently released CohnReznick thought leadership, including, “How Will Modifications to NMTC IRS Regulations Impact Your Non-real Estate Investments?”

Contact:
For more information, please visit the CohnReznick NMTC webpage or contact one of the following CohnReznick Partners:

Scott Szeliga at 410-783-7472; or
Ira Weinstein at 410-783-8328.


Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

 

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