New Markets Tax Credit (NMTC)

The IRS has issued two new significant revenue rulings impact New Markets Tax Credits impacting passive activity losses.

The U.S. House Ways and Means Committee last week released additional documents related to the American Jobs and Closing Tax Loopholes Act (H.R. 4213), better known as the tax extenders bill.

The Internal Revenue Service (IRS) recently published a guide for the New Markets Tax Credit (NMTC) program.

Last week, the National Housing & Rehabilitation Association welcomed over 120 industry professionals to Washington, DC for its 2010 Spring Affordable Housing Policy Forum. The highly praised program explored the critical nexus between today’s changing public policy environment and affordable housing development, as well as combined NH&RA’s traditional transaction-oriented sessions with valuable social networking opportunities.

The legislative text the American Jobs and Closing Tax Loopholes Act (H.R. 4213) was released last week by the U.S. House of Representatives as an amended version of an earlier version of the bill, in response to the companion legislation, passed by the Senate on March 10.

The Community Development Financial Institutions (CDFI) Fund has released updated guidance for the 2010 New Markets Tax Credit (NMTC) program, including application questions-and-answers.

The Community Development Financial Institutions (CDFI) Fund has released the online application and instructions for the 2010 round of the New Markets Tax Credit (NMTC) Program.

Members of NH&RA’s New Markets Steering Committee participated on a recent conference call held by the Community Development Financial Institutions Fund on data collection for the new markets tax credit program. Part of the discussion was about how to define a multiple-building project and who should report data on these kinds of projects.

Over the past several days NH&RA has met with several key House and Senate staffers on the tax writing, banking/financial services and appropriations committees to discuss critical legislation impacting affordable housing, historic rehabilitation and New Markets Tax Credit development.

The U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund has announced that it is soliciting comments from the public concerning the CDFI Programs Awardee/Allocatee Annual Reports, which comprise certain reporting requirements for participants in the CDFI Program, the Native American CDFI Assistance (NACA) Program, and the New Markets Tax Credits (NMTC) Program.

The Community Development Financial Institutions (CDFI) Fund has announced that it is in search of application reviewers for the 2010 New Markets Tax Credit Program allocation round.

The recently launched TaxInvestments.com is an online marketplace in the tax credit industry dedicated connecting buyers and sellers of trade-able tax credits. The website allows users to list and search any type of trade-able tax credit by name, address, tax credit amounts, tax credit delivery dates, tax credit types or any combination thereof.