New Markets Tax Credit (NMTC)

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.

The Department of the Treasury’s FY-2012 Budget Proposal included two major changes to the low-income housing tax credit. The changes if enacted with create a basis boost for certain bond transactions and encourage owners to create more mixed-income housing.

President Obama on Friday signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The House last week passed the bill by a vote of 277-148. The Senate approved the bill on December 15 by a vote of 81-19.

Democratic lawmakers on the House Ways and Means Committee have introduced a new bill intended to finance infrastructure investments to create jobs.

The CDFI Fund recently announced a new online tool that allows allocatees to tell their projects’ success stories in narrative form.

The Community Development Financial Institutions (CDFI) Fund recently launched its Capacity Building Initiative, and announced the first training sessions for CDFIs to improve their ability to meet the changing demands of the communities they serve.

The White House today announced that the Obama Administration’s fiscal 2012 budget will propose an expansion of the New Markets Tax Credit (NMTC) program to $5 billion from $3.5 billion to encourage investments in startup companies and small businesses based in low-income areas.

The U.S. Senate today passed the $858 billion legislative tax package by a 81 to 19 vote. Senate Majority Leader Harry Reid (D-Nev.) this week introduced the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, a bill to extend the “Bush Tax Cuts,” as well as a number of tax credit programs that were modified by the American Recovery and Reinvestment Act (ARRA).

The 2011 CDFI Institute will take place on March 1-2 at the Embassy Suites Hotel ““ Convention Center in Washington, DC.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund has announced the release of its FY-2010 Performance and Accountability Report.

Wisconsin Governor Scott Walker recently named the members of his cabinet, including Wyman Wynston as the new Executive Director of WHEDA, the state housing finance agency.