(Read more on the debt and equity markets.)
PHILADELPHIA-The Philadelphia Industrial Development Corp. has been awarded $60 million in New Markets Tax Credits from the federal government. The NMTC program is administered by the Community Development Financial Institutions Fund of the US Treasury.
It permits taxpayers to receive a credit against federal income taxes for qualified equity investments in designated community development projects. The investments must be targeted to low-income communities.
The tax credit totals 39% of the cost of the investment and is claimed over a seven-year period. In each of the first three years, the investor receives a credit equal to 5% of the project cost, and receives a 6% credit for each of the final four years.
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