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10/18/2008

News / Deputy Secretary Kimmitt to Announce $3.5 Billion in Tax Credits for Low-Income Community Investment

U.S. Treasury Deputy Secretary Robert M. Kimmitt and Treasury's Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell will award on Monday $3.5 billion in tax credits to organizations investing in rural and urban low-income communities across the United States. The awards are being made under the 2008 round of the New Markets Tax Credit Program.

Deputy Secretary Kimmitt and CDFI Fund Director Gambrell will highlight the work of four local Washington, DC organizations receiving New Markets Tax Credits and on how allocatees are serving rural low-income communities.

The following event is open to credentialed media:

Who
Deputy Treasury Secretary Robert M. Kimmitt
CDFI Fund Director Donna J. Gambrell

What
National New Markets Tax Credit Program Award Announcement

When
Monday, October 20, 11:00 AM (EDT)

Where
Cash Room
U.S. Department of the Treasury
Washington, DC

Note
Media without Treasury press credentials should contact Frances Anderson at (202) 622-2960 or Frances.Anderson@do.treas.gov with full name, Social Security number, and date of birth.

About the New Markets Tax Credit Program
The NMTC Program, established by Congress in December 2000, provides individual and corporate taxpayers with a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). Substantially all of the taxpayer's investment must be used by the CDE to make qualified investments supporting certain business activities in low-income communities. More information on the NMTC program can be found at www.cdfifund.gov.
http://www.treas.gov/press/releases/hp1218.htm

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