ID:

607

Date:

2011-02-08

Headline:

Rich Take From Poor as U.S. Subsidy Law Funds Luxury Hotels

Reporter's name:

David Dietz

Delay/denial:

No

Lawsuit:

No

Fees:

No

Media outlet:

Bloomberg Markets magazine

City:

New York, NY

Summary:

A tax-credit program intended to spur development by defining needy areas broadly has funneled economic assistance to luxury projects, such as high-end hotels, condominiums, and even an antique car museum.

Keywords:

Treasury Department, New Markets Tax Credits, Goldman Sachs Group Inc., U.S. Bancorp, JPMorgan Chase, Prudential Financial Inc., census tracts, poverty, development,

URL:

http://www.bloomberg.com/news/2011-02-08/rich-taking-from-poor-as-10-billion-u-s-subsidy-law-funds-luxury-hotels.html

Agencies:

DOC
GAO
TREAS

States:

CA
IA
IL
KY
MI
MN
MS
NY
OR
PA
US
WA

Districts:

Categories:

business
community development
taxes