The Treasury Department and the Internal Revenue Service have proposed a set of changes to the New Markets Tax Credit program to encourage more money to go toward non-real estate businesses located in low-income communities. The changes are intended to foster greater investment in operating businesses rather than real estate businesses. The Treasury and the IRS said they are seeking public comments on the changes, along with other changes that would promote greater investment in operating businesses other than real estate. For more information on this story, read the full article at Accounting Today.
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