New Markets Tax Credit Program Update

This morning President Obama signed the American Taxpayer Relief Act of 2012 which included an extension of the New Markets Tax Credit Program for 2012 and 2013. The tax credit allocation authority is $3.5 billion for each year. The CDFI Fund is currently reviewing applications received under the 2012 round and plans to announce the awards in April. Additional information can be found on the CDFI Fund’s web site at www.cdfifund.gov.