White House Announces Tax Credit for Communities in Need
Wednesday, November 4th, 2009Author : Biz2Credit Advisor
The administration plans to expand a $5 billion tax-credit program intended to aid economically distressed communities across the country, Treasury Secretary Timothy Geithner announced Friday.
The president’s 2010 budget plan doubles funding for the Community Development Financial Institutions fund, which helps provide loans to small businesses and consumers in disadvantaged communities that lack access to affordable credit, reported the Wall Street Journal.
The tax credit program, funded by the economic stimulus package, will reward private sector companies that invest in energy, education, health care and manufacturing projects to create jobs in low-income areas. The credit would cover 39 percent of the cost of the investment over a seven-year period.
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Tags: Community Development Financial Institutions, consumers, credit, economic stimulus package, energy education health care and manufacturing, jobs, loans, Small businesses, tax credit, tax credit program, Treasury Secretary Timothy Geithner
