Treasury awards $3.5 billion in tax credits

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.