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Journal Article
Investor perspective: how to invest in NMTCs
Wells Fargo Bank has over $1 billion in its community investment portfolio and is one of the country?s leading investors in NMTC. This article is a practical analysis of how to target and underwrite NMTC investments.
Working Paper
The effects of female labor force participation on obesity
This paper assesses whether a causal relationship exists between recent increases in female labor force participation and the increased prevalence of obesity amongst women. The expansions of the Earned Income Tax Credit (EITC) in the 1980s and 1990s have been established by prior literature as having generated variation in female labor supply, particularly amongst single mothers. Here, we use this plausibly exogenous variation in female labor supply to identify the effect of labor force participation on obesity status. We use data from the National Health Interview Survey (NHIS) and replicate ...
Journal Article
Case study from application to construction: Clearinghouse CDFI puts 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
Noteworthy: housing: tax credit boosts sales to first-time homebuyers in Texas
The beleaguered Texas housing market has been getting some help from Washington's attempts to revive the economy. First-time homebuyers in the state are taking advantage of tax credits of as much as $8,000 provided by the American Recovery and Reinvestment Act of 2009.
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.
Working Paper
Beggar thy neighbor? the in-state vs. out-of-state impact of state R&D tax credits
In this paper, I exploit the cross-sectional and time-series variation in R&D tax credits, and in turn the user cost of R&D, available from U.S. states between 1981-2002 to estimate the elasticity of private R&D with respect to both the within-state (internal) user cost and the out-of-state (external) user cost. To facilitate comparisons to previous studies of the R&D cost elasticity, I first estimate an R&D cost elasticity omitting external R&D costs; the estimated elasticity is negative, above unity (in absolute value), and statistically significant?a finding quite similar to that found by ...
Discussion Paper
Evaluating the macroeconomic effects of a temporary investment tax credit
As part of a fiscal stimulus package, some members of Congress have recently proposed a temporary investment subsidy. This paper uses the neoclassical growth model to evaluate the likely macroeconomic effects of such a subsidy. The model predicts a 0.8 percentage point increase in output growth for the quarter in which the policy is implemented. In subsequent quarters, the output growth effects are negligible. As the subsidy ends, output growth falls by 1 percentage point before returning to its trend growth rate. While a permanent subsidy will lead to more capital deepening in the long ...
Working Paper
The household spending response to the 2003 tax cut: evidence from survey data
The Jobs and Growth Tax Relief and Reconciliation Act of 2003 has been described as textbook fiscal stimulus. Using household survey data on the self-reported qualitative response to the tax cuts, we estimate that the boost to aggregate personal consumption expenditures from the child credit rebate and the reduction in withholdings raised the average level of real GDP in the second half of 2003 by 0.2 percent and by 0.3 percent in the first half of 2004. We also show that households in the survey were well aware of their tax cuts and tended to spend equally out of the child credit rebate and ...
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.
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 ...