Take the Investing in Opportunity Act (H.R. 828, S. 293), which was introduced early this year for the second consecutive session of Congress and which is inspired by the New Markets Tax Credit (NMTC) program–although its supporters specifically point out the absence of tax credits in the language of the bill. If the Investing in Opportunity Act (IOA) becomes law, the beneficiaries would be distressed communities, many of which are also eligible for the NMTC and other tax credit programs.
By: Michael Novogradac, Novogradac & Company LLP
Read the full article here.