$295 million tax credit plan to aid low-income Louisiana areas
POSTED: Monday, February 27, 2012 - 3:15pm
UPDATED: Monday, February 27, 2012 - 3:19pm
New Orleans, La — Low-income communities in Louisiana are expected to benefit soon from $295 million in tax credits.
Five Louisiana entities that finance business and economic development will take part in the "New Market Tax Credit" program awards announced Thursday by Sen. Mary Landrieu and Rep. Cedric Richmond.
The New Market Tax Credit program allows taxpayers to obtain a credit against federal income taxes for making qualified investments in low-income communities through designated companies.
Four of the companies receiving the tax credit awards are in New Orleans: the National Cities Fund; Advantage Capital Community Development Fund; AMCREF Community Capital; and First NBC Community Development Fund. Also participating is Stonehenge Community Development in Baton Rouge.