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PRESIDENT PROPOSES EXTENDING NEW MARKETS TAX CREDIT

Monday, February 13, 2012 - 8:00AM

In the proposed fiscal year 2013 budget, released today, President Barack Obama proposes extending and modifying the new markets tax credit (NMTC). Specifically, the proposal would extend the NMTC through 2013, with an allocation amount of $5 billion. The Administration also proposes that $250 mil­lion of the $5 billion be allocated to support financing healthy food options in distressed communities as part of the Healthy Food Financing Initiative. The proposal would also allow the NMTC to permanently offset alternative minimum tax (AMT) liability.

Michael J. Novogradac, CPA, will discuss this proposal in more detail in tomorrow’s Tax Credit Tuesday podcast.

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