I wanted to provide an update to my earlier op-ed, "Bond Issuers Should Apply for New Markets Tax Credits," Feb. 9. The proposed legislation referenced was in fact part of the American Recovery and Reinvestment Tax Act of 2009, which was signed by President Obama Feb. 17.

Specifically, the total new markets tax credit allocation authorization was raised from $3.5 billion to $5 billion for applicants - many of whom are municipalities and issuers - applying for 2009 NMTC allocations. Such applications are due no later than 5 p.m. Eastern Time on April 8.

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