New Markets Tax Credit (NMTC)

Rep. Alcee L. Hastings (D-Fla.) has introduced new legislation that would, among other things, allow New Markets Tax Credit investments made between March 15, 2010 and January 1, 2012 to offset the alternative minimum tax.

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has released preliminary data on projects financed by New Markets Tax Credits through December 31, 2009 by organizations that were awarded allocations of NMTCs.

The Internal Revenue Service has issued a new notice (Notice 2010-62) that provides interim guidance regarding a provision of the 2010 health care reform law that codified the economic substance doctrine and related amendments to various penalties.

The U.S. Senate failed to clear a critical procedural hurdle on a new compromise version of HR 4213, the American Jobs and Closing Tax Loopholes Act of 2010 (Tax Extenders Legislation) on June 24. It is unclear when the measure will be taken up again. The current version of the measure includes a number of key tax credit provisions…

The Community Development Financial Institutions Fund (CDFI Fund) has posted the comments it received regarding its request for public comment related on its Community Investment Impact System (CIIS) Data Collection.

Developers are reminded that the Ohio New Markets Tax Credit Program application deadline is September 20, 2010. Approved applications will be announced by October 31, 2010.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it has posted the comments submitted in response to its Request for Public Comment related to the Community Investment Impact System (CIIS) Data Collection.

The Community Development Financial Institutions Fund is seeking comments on the electronic application used to apply for an allocation of federal new markets tax credits.

Governor Ted Strickland and Department of Development Director Lisa Patt-McDaniel recently announced the launch of the Ohio New Markets Tax Credit program.

HUD’s Federal Housing Administration has issued regulations for its multifamily mortgage insurance program relating to a provision in Title VIII of the Housing and Economic Recovery Act of 2008 that prohibits a requirement that tax credit sales proceeds be placed into escrow, at the time of initial endorsement, for assurance of project completion and to pay the initial service charge, carrying charges, and legal and organizational expenses incident to the construction of the project.

NH&RA is please to offer TEN digital audio recordings of select panel sessions from its recent 2010 Summer Institute & Pre-Conference Symposium on New Markets Tax Credits!

Last week, the Chairman of the House Ways and Means Committee, Rep. Sander M. Levin (D-Mich.) announced the introduction of the Investing in American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 5893).