Communities (1 - 9 of 9 items) in Custom Date Range
New Markets Tax Credit: Better Controls and Data Are Needed to Ensure Effectiveness
GAO-14-500: Published: Jul 10, 2014. Publicly Released: Aug 11, 2014.
The financial structures of New Markets Tax Credit (NMTC) investments have become more complex and less transparent over time. The increased complexity is due, in part, to combining the NMTC with other federal, state, and local government funds. Based on GAO's survey of Community Development Entities (CDEs) an estimated 62 percent of NMTC projects received other federal, state, or local government...
Community Reinvestment Act: Challenges in Quantifying Its Effect on Low-Income Housing Tax Credit Investment
GAO-12-869R: Published: Aug 28, 2012. Publicly Released: Sep 27, 2012.
While CRA should increase investor demand for LIHTCs, quantifying the extent of any effect of CRA on LIHTC equity contributions is difficult given data and methodological challenges. In part because of the qualitative nature of the CRA investment test, regulatory ratings cannot be systematically linked to banks' LIHTC investments. Although a bank's overall rating and the associated narrative of it...
Housing Assistance: Listing of Programs, Activities, and Tax Expenditures and Related Information (GAO-12-555SP, August 2012) an E-supplement to GAO-12-554
GAO-12-555SP: Published: Aug 16, 2012. Publicly Released: Sep 17, 2012.
This is an E-supplement to GAO-12-554. This e-supplement provides an inventory of spending programs, tax expenditures, and other activities (collectively, "activities") that federal agencies and entities use to support rental housing, homeownership, or both. For each activity, this inventory includes the following information: (1) the implementing or administering agencies or entities; (2) a brief...
Tax Policy: Factors for Evaluating Expiring Tax Provisions
GAO-12-760T: Published: Jun 8, 2012. Publicly Released: Jun 8, 2012.
Factors commonly used to evaluate tax policy, as well as other policy tools such as spending programs or regulations, can be applied to decisions about whether and how to extend expiring tax expenditures, as discussed below.Revenue Effects. Revenues foregone through tax expenditures either reduce resources available to fund other federal activities or require higher tax rates to raise a given amou...
Community Development Financial Institutions and New Markets Tax Credit Programs in Metropolitan and Nonmetropolitan Areas
GAO-12-547R: Published: Apr 26, 2012. Publicly Released: Apr 26, 2012.
The policies and procedures of the CDFI and NMTC Programs help ensure that awards and allocations generally are proportionate to the numbers of qualified applicants that serve metropolitan and nonmetropolitan areas. The CDFI Programs authorizing legislation and regulations require that award recipients constitute a geographically diverse group, serving metropolitan and nonmetropolitan areas...
Tax Administration: Additional Time Needed to Complete Offshore Tax Evasion Examinations
GAO-07-237: Published: Mar 30, 2007. Publicly Released: May 3, 2007.
Much offshore financial activity is not illegal, but numerous illegal offshore schemes have been devised to hide or disguise the true ownership of income streams and assets. IRS studies show lengthy development times for some offshore cases, which suggests that time or the lack thereof could be an impediment to effectively addressing offshore schemes. GAO was asked to (1) compare offshore and nono...
Tax Policy: New Markets Tax Credit Appears to Increase Investment by Investors in Low-Income Communities, but Opportunities Exist to Better Monitor Compliance
GAO-07-296: Published: Jan 31, 2007. Publicly Released: Jan 31, 2007.
The Community Renewal Tax Relief Act of 2000 authorized up to $15 billion of allocation authority under the New Markets Tax Credit (NMTC) to stimulate investment in low-income communities. The act mandated that GAO report on the program to Congress by January 31, 2004, 2007, and 2010. Two subsequent laws authorized an additional $1 billion in NMTC authority for certain qualified investments and ex...
New Markets Tax Credit Program: Progress Made in Implementation, but Further Actions Needed to Monitor Compliance
GAO-04-326: Published: Jan 30, 2004. Publicly Released: Jan 30, 2004.
The Community Renewal Tax Relief Act of 2000 authorized up to $15 billion under the New Markets Tax Credit (NMTC) program to stimulate capital investment in low-income and economically distressed communities. The act mandated that GAO report to Congress on the NMTC program by January 31, 2004, 2007, and 2010. Based on consultation with staff at appropriate congressional committees, this report (1)...
Tax Administration: Benefits of a Corporate Document Matching Program Exceed the Costs
GGD-91-118: Published: Sep 27, 1991. Publicly Released: Oct 3, 1991.
Pursuant to a congressional request, GAO analyzed issues on the feasibility of an Internal Revenue Service (IRS) document matching program for payments to corporations, focusing on: (1) what legislative actions Congress needs to take; and (2) how IRS can reduce the program's burden on the business community.GAO believes that Congress: (1) and IRS could reduce the burden of a corporate matching sys...