House Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sander Levin (D-MI) recently announced the formation of eleven Tax Reform Working Groups. Each of the groups will review current law in its designated issue area and then identify, research and compile feedback related to the topic of the working group.
Indiana State Senators Randall Head (R-District 18) and John Broden (D-District 10) recently introduced and co-sponsored the Indiana New Markets Job Act, (SB 521), which would create a state New Markets Tax Credit (NMTC) program similar to the federal NMTC.
The Treasury Department’s 2012″“2013 Priority Guidance Plan contains 317 projects that are priorities for allocation of the resources of its offices during the twelve-month period from July 2012 through June 2013 (the plan year). Several items pertain to the Low-Income Housing Tax Credit, New Markets Tax Credit and various energy credits.
The Alaska Industrial Development and Export Authority is seeking comments on its proposed regulations to establish its New Markets Tax Credit Assistance Guarantee and Loan Program.
The New Market Tax Credit Coalition recently released a report entitled “NMTC: At Work in Communities Across America” which examines 92 case studies that profile of businesses, projects, and communities that have received assistance through the New Markets Tax Credit (NMTC).
Smart Growth America recently published a report entitled “Federal Involvement in Real Estate: A call for examination”, to look at the effectiveness of various federal real estate investment programs and determine how well these programs influence development.
The Government Accountability Office (GAO) recently released a report to Congress entitled “Tax Expenditures: Background and Evaluation Criteria and Questions.” The report examines the costs and benefits of tax expenditures and the effectiveness of specific tax expenditures in meeting their intended goals.
The Community Development Financial Institutions (CDFI) Fund has announced they are currently reviewing applications submitted for the 2012 NMTC allocation round, which were due September 12, 2012. The agency estimates that the 2012 awards will be announced in April 2013.
NH&RA was pleased to welcome over 200 industry professionals to our 2012 Fall Developers Forum. All conference materials including Power Point presentations, reports, memos and articles from the conference are available for download.
The New Markets Tax Credit Coalition recently released the New Markets Tax Credit Economic Report for 2003 to 2012 entitled “Measuring the Direct and Catalytic Impact of New Markets Tax Credit Investments in Low Income Communities”.
The Ohio Senate recently passed Senate Bill (SB) 327, which was originally introduced in April 2012. The bill would extend the state’s New Markets Tax Credit program and raise the tax credit cap from $10 million to $50 million.
The Community Development Financial Institutions (CDFI) Fund has announced it will consider extending the October 31 qualified equity investment (QEI) issuance deadline for new markets tax credit (NMTC) applicants that have been directly affected by Hurricane Sandy.