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Legislation could enhance some U.S. Bank initiatives
Business Wire
Final approval of the Protecting Americans from Tax Hikes Act will enhance U.S. Bank's efforts to improve communities through affordablehousing, renewable energy, and economic development in low-income areas, the Minneapolis-based bank says.
The PATH Act, signed into law last month by President Obama, included extensions through 2019 of the New Markets Tax Credit and renewable energy tax credits, as well as permanent passage of the key 9 percent low-income housing tax credit.
"These tax credit tools are absolutely essential to help ensure all of our nation's communities and people are able to reach their full potential," says Zack Boyers, chairman and CEO of U.S. Bancorp Community Development Corp., which claims to be among the most active community investment tax credit investors nationwide.
"We have been working with our customers for nearly 30 years to address issues of equity through investments in affordable housing, economic development and renewable energy. The president and Congress' actions enable us to do more towards creating a world where...