REAL ESTATE TAXES 1243 Tax Lawyer, Vol. 55, No. 4 REAL ESTATE TAXES SUBMITTED BY THE COMMITTEE ON REAL ESTATE TAXES: MICHAEL J. GRACE, COMMITTEE CHAIR; PENNY S. INDICTOR, SUBCOMMITTEE CHAIR ON IMPORTANT DEVELOPMENTS* Legislation The Community Renewal Tax Relief Act of 2000, Pub. L. No. 106-554, 114 Stat. 2763, was passed in December 2000. To encourage investment in lowinccom communities, the Act established the New Markets Tax Credit (NMTC) and a new entity called a Community Development Entity (...