On February 13, 2012, President Obama introduced his 2013 budget, which proposes to extend the New Markets Tax Credit (“NMTC”) program until December 31, 2013. Under the President’s proposal there would be a NMTC allocation of $5 billion for 2012 and another $5 billion allocation for 2013, with $250 million set aside each year to help finance healthy food options in distressed communities. The President also proposes that NMTC be used to offset Alternative Minimum Tax liability. These proposed changes to the NMTC program would take effect upon the enactment of the budget bill.
Download the PDF: “What’s New with the New Markets Tax Credit Program”