United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2007-01-31 monographic deposited born digital 85 p. GA 1.13:GAO-07-296 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-07-296 P0b002ee180386708 f:d07296 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GAO-07-296 machine generated eng fdlp REPORT GAOREPORTS-GAO-07-296 GAO-07-296 Allocation (Government accounting) Data collection Economically depressed areas Income statistics Internal controls Investments Monitoring Program evaluation Program management Tax administration systems Tax credit Taxes Policies and procedures Community Development Financial Institutions Fund Other Written Product A65436 The Community Renewal Tax Relief Act of 2000 authorized up to $15 billion of allocation authority under the New Markets Tax Credit (NMTC) to stimulate investment in low-income communities. The act mandated that GAO report on the program to Congress by January 31, 2004, 2007, and 2010. Two subsequent laws authorized an additional $1 billion in NMTC authority for certain qualified investments and extended the program for 1 year with an additional $3.5 billion of authority. This report (1) describes the status of the NMTC program, (2) profiles NMTC program participants, (3) assesses the credit's effectiveness in attracting investment by participating investors, and (4) assesses IRS and the Community Development Financial Institutions (CDFI) Fund compliance monitoring efforts. To conduct the analysis, GAO surveyed NMTC investors, conducted statistical analysis, and interviewed IRS and CDFI Fund officials. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-07-296/html/GAOREPORTS-GAO-07-296.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-07-296/pdf/GAOREPORTS-GAO-07-296.pdf GAO-07-296 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-07-296 Other Written Product GAO-07-296; Tax Policy: New Markets Tax Credit Appears to Increase Investment by Investors in Low-Income Communities, but Opportunities Exist to Better Monitor Compliance; Allocation (Government accounting) Data collection Economically depressed areas Income statistics Internal controls Investments Monitoring Program evaluation Program management Tax administration systems Tax credit Taxes Policies and procedures Community Development Financial Institutions Fund Public Law 106-554 Public Law 108-357 Public Law 109-135 Public Law 109-432