New Markets Tax Credit (NMTC)

The Government Accountability Office (GAO) has released a new report that addresses the use of new markets tax credits (NMTC) in both metropolitan and non-metropolitan areas.

Last night’s State of the Union address offered some interesting new insight into the President’s policy priorities for the upcoming year. I was surprised that the President emphasized tax reform so early and often. While President Obama did not cite the low income housing tax credit, historic tax credit or new markets tax credit directly there was a strong emphasis on providing tax relief for businesses that create domestic jobs.

The Obama Administration released its FY 2013 budget on February 13, 2012, proposing spending levels for federal departments, agencies, and programs for the fiscal year that begins October 1, 2012. Click here for background on the federal budget process.

Ohio State Senators Bill Beagle (R-Tipp City) and Charleta Tavares (D-Columbus) recently introduced S.B. 327 which would raise the program’s annual cap from $10 million to $50 million, which is expected to spur an additional $500 million in local investment.

NH&RA / NCAHMA is pleased to offer the Power Point Presentations from our recent FHA MAP Market Study & Underwriting Symposium and Affordable Housing Underwriting & Policy Forum, which was held March 28-30 in Washington, DC.

The Community Development Financial Institution (CDFI) Fund posted the industry comments submitted in response to the agency’s request for public comments regarding the New Markets Tax Credit (NMTC) program.

Florida Governor Rick Scott recently signed H.B. 7087 into law which increases the amount of credits available under the state’s New Markets Development Program (NMDP).

The Government Accountability Office (GAO) recently released a report that identifies several tax expenditure programs that contribute to community development, several of which overlap with at least one other tax expenditure program in terms of the areas or activities funded.

The Community Development Financial Institution (CDFI) Fund recently posted a Q&A document that provides guidance on how Community Development Entities may serve certain low-income communities and targeted populations under the New Markets Tax Credit (NMTC) program.

The U.S. House of Representatives Ways and Means Committee Chairman Dave Camp (R-MI) and Select Revenue Measures Subcommittee Chairman Pat Tiberi (R-OH) recently announced they will begin holding hearings on tax extenders in April.

On March 13, the United States Senate voted on several remaining amendments to the Moving Ahead for Progress in the 21st Century, or the MAP-21 Act (S. 1813).

The United States Senate adopted an amendment by unanimous consent to the Moving Ahead for Progress in the 21st Century Act or MAP-21 Act (S. 1813) that would provide a one year extension to the New Markets Tax Credit (NMTC) program.