New Markets Tax Credit (NMTC)

Both houses of Congress and the White House are reportedly considering varying forms of legislation that could, among other things, extend expiring tax credits provisions.

The White House has announced that the framework agreement announced by President Obama on extending the “2001/2003 Bush Tax Cuts” for an additional two years will also secure a number of expiring business tax credits.

Key Senate and House legislators are reported to be negotiating an omnibus spending measure.

Sen. Max Baucus (D-MT) has introduced the Middle Class Tax Cut Act of 2010. The legislation contains extensions of numerous affordable housing, new markets and renewable energy tax credit and bond programs.

In yet another “wave” election, the Democratic Party has been swept out of the US House of Representatives as Congressional Republicans picked up approximately 60 seats (at time of press some final results are still in questions). The Democratic Party still maintains a majority in the US Senate. NH&RA will be providing additional coverage on the leadership and priorities of the next Congress in the upcoming weeks.

The National Housing & Rehabilitation Association is now accepting registrations for the 2011 Annual Meeting and Pre-Conference Symposium on New Markets Tax Credits, scheduled February 23-26, 2011 in Bonita Springs, Florida.

United States Senate Committee on Finance has scheduled a hearing on December 2, entitled “Tax Reform: Historical Trends in Income and Revenue.”

NH&RA is pleased to offer the PowerPoint slide presentations for sessions exhibited during the 2010 Fall Developers Forum, October 18 & 19 in Boston, Mass.

Senate Finance Committee Chairman Max Baucus today introduced a new version of tax extenders legislation (HR 4213). The Job Creation and Tax Cut Act of 2010 includes following provisions from H.R. 4213, the American Jobs and Closing Tax Loopholes Act (also known as the tax extenders bill), including:

Tax Credit Advisor ““ November 2010 ““ For the new markets tax credit (NMTC) industry, all eyes are on Washington, wondering whether or when Congress will enact legislation to reauthorize the program, which lapsed on December 31, 2009.

The Ohio Department of Development (ODOD) recently announced that it is making $10 million available to four Ohio entities to spur economic investments through the first round of its Ohio New Markets Tax Credit Program.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has posted the comments submitted in response to its Request for Public Comment related to the Quarterly New Markets Report.