Oregon Enacts State Version of New Markets Tax Credit Program

摘要

The Oregon legislature has enacted a state version of the New Markets tax credit (NMTC) program that will work in connection with the federal credit in an effort to stimulate economic activity in the state. The program goes into effect on July 1, 2012, and investments qualifying for tax credits must be made before July 1, 2016. Like the federal NMTC program, the Oregon program will provide cumulative credits against state taxes over a seven-year period which are equal to 39 percent of a taxpayer's qualified equity investments in a community development entity (CDE). However, the credits are more back-loaded.