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Journal Article
Earned Income Tax Credit: Bank One program helps low-income taxpayers
Many low-income working families are unaware that they can receive up to $4,140 in tax credits under the IRS' Earned Income Tax Credit program. Others file with commercial tax preparation services that charge not only a fee for the tax preparation and electronic filing but also high interest on refund anticipation loans. Bank One stepped up with a volunteer program to assist low-income people in preparing their tax returns and claiming the EITC. The bank also helped the filers open bank accounts so they could get their refunds by direct deposit.
Journal Article
The New Markets Tax Credit Program: will it live up to its potential?
Because many small businesses in isolated inner-city or rural locations are cut off from mainstream capital networks, a new conduit for channeling equity capital is needed?patient capital that can be used to grow a business and manage risks in less diversified economies. Many believe the New Markets Tax Credit Program, which aims to stimulate $15 billion in private equity investment in low-income communities, can provide such a conduit. While the program has many strengths, it is still too early to tell whether it will live up to its promise because the initial investments are just beginning ...
Journal Article
Community perspective: is the NMTC making a difference in low-income communities?
Mr. Armistead has been an advocate for low-income communities for over 20 years and has extensive experience working with a wide network of community development practitioners. He has tapped that network, in addition to case studies of NMTC projects, in an effort to answer the question of whether this program is helping low-income communities.
Working Paper
Rural Affordable Rental Housing : Quantifying Need, Reviewing Recent Federal Support, and Assessing the Use of Low Income Housing Tax Credits in Rural Areas
Recently, there has been significant interest in the high levels of rental cost burden being experienced across the United States. Much of this scholarship has focused on rental cost burdens in larger urban areas, or at the national level, and has not explored differences in the prevalence of rental cost burden in urban versus rural communities. In this paper, I find that rental cost burdens are a challenge facing both urban and rural communities. However, despite the need for affordable rental housing in rural communities identified, I find the amount of resources made available by the ...
Working Paper
Investment, accounting, and the salience of the corporate income tax
This paper develops and tests the hypothesis that accounting rules mitigate the impact of tax policy on investment decisions by obscuring the timing of tax payments. I model a firm that maximizes a discounted weighted average of after-tax cash flows and accounting profits. The cost of capital and the impact of tax incentives for investment both depend on the weight placed on accounting profits. I estimate this weight by comparing the effectiveness of tax incentives that do and do not affect accounting profits. Investment tax credits, which do affect accounting profits, have more impact on ...
Journal Article
Case study from application to construction: lenders for community development put new markets tax credits to work
Two Community Development Financial Institutions share their stories of how they created CDEs and successfully applied to the CDFI Fund for NMTCs. Both financed innovative projects with their tax credits. In these two articles, they share their experiences and lessons learned in applying for and using tax credits to make community-enhancing investments.
Journal Article
Are state R&D tax credits constitutional? an economic perspective
This Economic Letter discusses how the unique economic nature of R&D may bear on the question of the constitutionality of state R&D tax credits. In particular, I discuss the conditions laid out by the U.S. Supreme Court for determining the constitutionality of a state tax credit and how economic research can play a critical role in assessing whether these conditions are met.
Journal Article
Noteworthy: housing: tax credit boosting sales, building -- for now
In both Texas and the U.S., existing-home sales have been rising since March 2009--due in part to a tax credit of up to $8,000 for first-time homebuyers. The tax credit has also helped stimulate construction.
Journal Article
Low-income housing tax credits in Texas: achievements and challenges
As the LIHTC program faces the biggest challenges of its nearly 25-year history, it's imperative to look holistically at the evolution and distribution patterns of this housing production program. This issue provides a program overview, a current market-condition analysis and an update on recent regulatory changes.