Federal Tax Incentives for Renewable Energy, 2009 TAPPI Engineering, Pulping, Environmental Conference

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New Markets Tax Credits are available through a program established by Congress in 20003. The legislation authorized tax credits equal to 39 percent of a total of $15,000,000,000 in equity investments in qualified Community Development Entities. Two additional application rounds have been authorized, including one for which applications were submitted in April, 2009. The program has also had additional authority to provide economic stimulus in hurricane relief areas. The American Recovery and Reinvestment Act increased the 2008 and 2009 round authorizations each from $3.5 billion to $5 billion. The program is administered by the Community Development Financial Institution Fund, within the U. S. Treasury Department (the “CDFI Fund”).