Akin Gump-led Coalition Promotes Study Highlighting Positive Impact of New Markets Tax Credit
The Partnership for Job Creation, a broad-based national coalition of New Markets Tax Credit program practitioners led by Akin Gump Strauss Hauer & Feld LLP, issued a news release touting the results of a study finding that the federal government receives a substantial return on investment from the New Markets Tax Credit (NMTC). The NMTC was established in 2000 to spur increased private capital investment in economically distressed communities.
The analysis, conducted by Business Development Advisors (BDA), found that new federal taxes generated by NMTC-assisted businesses and real estate developments are significantly greater than the cost (in revenue forgone) of the credit. The BDA study also confirms the credit is a strong force for direct and indirect job creation.
A link to the full study can be found here .