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BILL INTRODUCED TO INCREASE NMTC-ELIGIBLE CENSUS TRACTS

Monday, May 14, 2012 - 7:00AM

Rep. Edolphus Towns, D-N.Y., last week introduced H.R. 5718 to revise the new markets tax credit (NMTC) rules for census tracts with low populations. Under the proposed legislation, a census tract with a population of less than 2,000 would be treated as a low-income community as long as it is contiguous to one or more designated low-income communities and meets certain other criteria. H.R. 5718 was referred to the Ways and Means Committee.

Tune in to next week’s Tax Credit Tuesday Podcast to hear Michael J. Novogradac, CPA, discuss the potential effects such a revision to the NMTC rules could have on program eligibility, and learn even more about all the proposed changes to the NMTC program at the Spring New Markets Tax Credit Conference, June 7-8, 2012 in Washington, D.C.

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