GAO RELEASES REPORT ON TAX EXPENDITURES
The Government Accountability Office (GAO) has released a report about measuring the effectiveness of community development tax expenditures including the low-income housing tax credit, new markets tax credit and historic tax credit, among others. The report, titled “Limited Information of the Use and Effectiveness of Tax Expenditures Could Be Mitigated through Congressional Attention,” suggests ways that Congress could improve its ability to assess tax expenditures. The report says that limited data has affected the ability of researchers to provide definitive results about the effectiveness of some community development tax expenditures.
Tune in to next week’s Tax Credit Tuesday Podcast to hear Michael J. Novogradac, CPA, discuss the report and GAO’s recommendations.