TAX NEWS - JUNE 2010

Arkansas Tax: Resolution Supporting Tax Credit Group Gets Baker Veto

Fort Smith Mayor Ray Baker has vetoed a resolution of support for a Fort Smith Housing Authority project that seeks to use a federal tax credit program to fund development projects in low-income areas of the Fort Smith region.

The Fort Smith Housing Authority is preparing to establish itself as a Community Development Entity (CDE) to bring the development potential of New Markets Tax Credits to the region.

New Markets Tax Credits were created by Congress in December 2000 for the purpose of funding commercial, retail and residential projects in low-income regions.