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New markets tax credit and charter schools

May 9, 2010

Charters schools what’s the beef?  It’s a new way for wealthy banks and investors to earn windfall profits from a program called New Markets Tax Credit. “Under the New Markets program, a bank or private equity firm that lends money to a nonprofit to build a charter school can receive a 39% federal tax credit over seven years”…So, “powerful charter lobby has so far successfully battled to prevent independent government audits of how its schools spend their state aid.”

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