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Baker Tilly Helps Clients Secure More Than $400 Million in New Markets Tax Credits March 31, 2011 The US Department of the Treasury recently announced $3.5 billion in awards for economic development and community revitalization through the New Markets Tax Credit (NMTC) program. Ninety-nine organizations were selected nationwide to receive NMTC allocation awards under the 2010 program. These awards will leverage billions of dollars of investment into businesses and real estate projects to create jobs and promote growth in communities with high rates of poverty and unemployment. 8 of the 9 applications with which Baker Tilly assisted received a total of more than $400 million in allocations. In addition, two other applications for which Baker Tilly provided review services won awards. Baker Tilly’s subsidiary, The Valued Advisor Fund, LLC, a community development entity, also received an allocation of $35 million. "Helping our clients secure critical funding for projects allows them to succeed in bringing job growth and investment opportunities to communities in with the greatest needs," said Terri Preston, Principal of Baker Tilly’s Real Estate transaction services. The NMTC, established by Congress in December 2000, permits individuals and corporate taxpayers to receive a credit against federal income taxes for making equity investment vehicles known as Community Development Entities (CDEs). The ninety-nine organizations receiving awards were selected from a pool of 250 applicants that requested over $23.5 billion. Read more information on the 2010 NMTC allocation awards > With staff totaling more than 1,350, Baker Tilly provides a wide range of accounting, tax, assurance, and consulting services. Ranked as the 16th largest* firm in the country, Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington D.C., and throughout Wisconsin. In June 2009, the former Virchow, Krause & Company, LLP, changed its name to become the exclusive U.S. branded firm in the Baker Tilly International network. The transition to the Baker Tilly brand is a commitment by the firm to meet the ever-changing global needs of its clients. Baker Tilly International is a worldwide network of 150 high quality, independent accounting and business advisory firms in 120 countries, with more than 25,000 professionals. The combined worldwide revenue of independent member firms exceeds $3 billion. SPECIAL INSTRUCTIONS FOR ALL MINNESOTA MEDIA OUTLETS ONLY: *According to the 2011 Accounting Today "Top 100 Firms" |
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