The CDFI Fund announced today its plans to award $3.5 billion of Federal New Markets Tax Credit authority for the 2012 round in April of 2013. Earlier in the day President Obama signed the American Taxpayer Relief Act of 2012 which included an extension of the Federal New Markets Tax Credit Program for 2012 and 2013. The New Markets Tax Credit authority is $3.5 billion for each year. In addition the current Senate version of the Hurricane Sandy and National Relief Act of 2012 provides for $500,000,000 of additional annual New Markets Tax Credit authority for National Disaster areas, including areas affected by Hurricane Sandy.
This article is for general information and does not include full legal analysis of the matters presented. It should not be construed or relied upon as legal advice or legal opinion on any specific facts or circumstances. The description of the results of any specific case or transaction contained herein does not mean or suggest that similar results can or could be obtained in any other matter. Each legal matter should be considered to be unique and subject to varying results. The invitation to contact the authors or attorneys in our firm is not a solicitation to provide professional services and should not be construed as a statement as to any availability to perform legal services in any jurisdiction in which such attorney is not permitted to practice.
Duane Morris LLP, a full-service law firm with more than 700 attorneys in 24 offices in the United States and internationally, offers innovative solutions to the legal and business challenges presented by today's evolving global markets. Duane Morris LLP, a full-service law firm with more than 700 attorneys in 24 offices in the United States and internationally, offers innovative solutions to the legal and business challenges presented by today's evolving global markets. The Duane Morris Institute provides training workshops for HR professionals, in-house counsel, benefits administrators and senior managers.
