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PRESIDENT PROPOSES NEW TAX CREDITS IN STATE OF THE UNION

Wednesday, January 25, 2012 - 8:00AM

In last night’s State of the Union address, President Barack Obama proposed a new $6 billion Manufacturing Communities Tax Credit. The proposed tax credit would provide $2 billion per year for three years to encourage investments in communities affected by job loss caused by the closure of a military base or a major employer. The president also discussed tax reform, energy tax credits and housing.

In his Notes from Novogradac blog, Michael J. Novogradac, CPA, discusses relevant points from the address, additional information that has since been released, and what these proposals mean for programs such as the new markets tax credit, historic tax credit, low-income housing tax credit and renewable energy tax credit.

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