Search Results
Journal Article
New Markets Tax Credits: The Next Tool for Community Development Financing
The New Markets Tax Credit (NMTC) has the potential to transform the financing of economic development in low-income communities much as the Low Income Housing Tax Credit (LIHTC) has done for affordable rental housing development.
Journal Article
Community perspective: is the NMTC making a difference in low-income communities?
Mr. Armistead has been an advocate for low-income communities for over 20 years and has extensive experience working with a wide network of community development practitioners. He has tapped that network, in addition to case studies of NMTC projects, in an effort to answer the question of whether this program is helping low-income communities.
Journal Article
Investor perspective: how to invest in NMTCs
Wells Fargo Bank has over $1 billion in its community investment portfolio and is one of the country?s leading investors in NMTC. This article is a practical analysis of how to target and underwrite NMTC investments.
Journal Article
The earned income tax credit at work
Working Paper
The effects of female labor force participation on obesity
This paper assesses whether a causal relationship exists between recent increases in female labor force participation and the increased prevalence of obesity amongst women. The expansions of the Earned Income Tax Credit (EITC) in the 1980s and 1990s have been established by prior literature as having generated variation in female labor supply, particularly amongst single mothers. Here, we use this plausibly exogenous variation in female labor supply to identify the effect of labor force participation on obesity status. We use data from the National Health Interview Survey (NHIS) and replicate ...
Journal Article
The new markets tax credit program: a midcourse assessment
Two leading scholars of community development analyze the New Markets Tax Credit (NMTC) program?s origins in the economic boom of the 1990s and its implementation in a much different economic and political environment after 2000. The authors examine the program?s successes and failures and discuss prospects for improvement.
Working Paper
Evaluating the Success of President Johnson's War on Poverty: Revisiting the Historical Record Using a Full-Income Poverty Measure
We evaluate progress in President's Johnson's War on Poverty. We do so relative to the scientifically arbitrary but policy relevant 20 percent baseline poverty rate he established for 1963. No existing poverty measure fully captures poverty reductions based on the standard that President Johnson set. To fill this gap, we develop a Full-income Poverty Measure with thresholds set to match the 1963 Official Poverty Rate. We include cash income, taxes, and major in-kind transfers and update poverty thresholds for inflation annually. While the Official Poverty Rate fell from 19.5 percent in 1963 ...
Journal Article
Low-income housing tax credits in Texas: achievements and challenges
As the LIHTC program faces the biggest challenges of its nearly 25-year history, it's imperative to look holistically at the evolution and distribution patterns of this housing production program. This issue provides a program overview, a current market-condition analysis and an update on recent regulatory changes.
Journal Article
Would a research tax credit be a good investment for Texas?
Working Paper
Investment, accounting, and the salience of the corporate income tax
This paper develops and tests the hypothesis that accounting rules mitigate the impact of tax policy on investment decisions by obscuring the timing of tax payments. I model a firm that maximizes a discounted weighted average of after-tax cash flows and accounting profits. The cost of capital and the impact of tax incentives for investment both depend on the weight placed on accounting profits. I estimate this weight by comparing the effectiveness of tax incentives that do and do not affect accounting profits. Investment tax credits, which do affect accounting profits, have more impact on ...