Treasury awards $3.5 billion in tax credits

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The New Markets Tax Credit was extended as part of the “fiscal cliff” deal through 2013, and President Obama’s latest budget called for expanding it.

Now more than a dozen years old, the credit has long had bipartisan support. It gives private-sector companies a 39 percent credit for development projects in areas with high poverty rates or low median incomes.

Like a long list of other tax breaks, the New Markets Tax Credit is likely to get looked at as Washington looks to rewrite the tax code.

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