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Tax Credits Coming to New Orleans


  As some community development groups struggle to find loans and private investments, the U.S. Treasury Department has stepped in with $300 million from the New Markets Tax Credit Program for Louisiana. New Orleans is set to reap nearly half the benefits that flow from the program, which allows "Community Development Entities" that qualify for the credits to offer the credits to investors for investing in low-income communities. The investors in turn can use the credits to offset federal income taxes. "These tax credits will have a significant impact in several Louisiana neighborhoods in desperate need of investment," says Sen. Mary Landrieu, D-La. "By empowering financial groups to support vital community-development projects, these credits help create jobs and stimulate the economy." — Jeremy Alford

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