New Markets Tax Credit (NMTC)

Oregon’s state legislature recently passed a bill (SB 817) that creates a matching state tax credit to the federal New Markets Tax Credit to further “incentivize” economic development targeted to hard-hit areas.

The Community Development Financial Institutions (CDFI) Fund has released the electronic application for the 2011 round of the New Markets Tax Credit (NMTC) program, which applicants can access through their myCDFIFund accounts.

The Community Development Financial Institutions (CDFI) Fund has announced the opening of the 2011 New Markets Tax Credit funding round.

The IRS has issued a notice of proposed rulemaking and an advance notice of rulemaking for the federal new markets tax credit program, proposing some changes to the program’s rules and soliciting public comments on these and on a series of questions.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has announced the release of the notice of allocation availability (NOAA) for the 2011 round of competition for $3.5 billion in tax credits under the New Markets Tax Credit (NMTC) Program.

The Internal Revenue Service (IRS) has published a notice inviting comments concerning existing final regulation, T.D. 9171, New Markets Tax Credits.

Senator Jay Rockefeller (D-WV), a senior member of the Senate Finance Committee, introduced a bill last week to extend the New Markets Tax Credit (NMTC) for five years and provide $5 billion for the program annually.

The U.S. Department of the Treasury’s New Markets Tax Credit Program (NMTC Program) has been named today as one of the Top 25 programs that will advance to the final stages of competition for the prestigious Innovations in American Government Award.

The proposed GOP FY-2012 budget resolution released last week proposes a number of cuts and policy option to cut discretionary.

The proposed GOP FY-2012 budget resolution released last week proposes a number of cuts and policy option to cut discretionary.

New York Governor Andrew M. Cuomo recently announced the passage of the 2011-2012 state budget.

Novogradac & Company is reporting that the U.S. Court of Appeals for the Fourth Circuit today published an opinion in the case of Virginia Historic Tax Credit Fund v. Commissioner of Internal Revenue that reverses the December 2009 U.S. Tax Court opinion.