New Markets Tax Credit (NMTC)
New Markets Tax Credit Pays for Itself and Then Some, New Report Finds
Between 2003 and 2015, NMTC investments generated more than $156 billion in economic activity, creating over 1 million jobs and $6.7 billion in state and local tax revenues.
NMTC/HTC Support Letter for House Republicans Closes Today – Urge Your Rep. to Sign-On
Congressman Smucker (R-PA) is requesting signatures for a letter urging Speaker Paul Ryan and Chairman Kevin Brady to preserve the Historic Tax Credit (HTC) and make the New Markets Tax Credit (NMTC) permanent. The letter is open to House Republicans and it closes TODAY, Wednesday, November 29th at 7 p.m. Eastern.
Tax Reform: House Bill Passes Floor Vote, Senate Committee Approves Markup and Improves HTC
The House is prepared for a Thursday floor vote on The Tax Cuts and Jobs Act (H.R. 1), meanwhile, the Senate Committee on Finance is in its third day of markup and a modified chairman’s mark was released by Chairman Orrin Hatch (R-UT) Tuesday night.
House Tax Reform Bill Eliminates HTC, NMTC; Eliminates Private Activity Bonds
The House Ways and Means Committee has released the full text of its Tax Cuts and Jobs Act. The Committee plans to begin markup on the proposed legislation on November 6, with plans for a House floor vote sometime in mid-November. Several changes within the code would drastically change the landscape of affordable housing and community development.
CDFI Fund Releases Updated Program Eligibility Data for NMTC & Capital Magnet Fund
The Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has established a plan for releasing updated program eligibility information based upon Census Bureau data from the 2011-2015 American Community Survey (ACS). Eligibility requirements for the Bank Enterprise Award Program (BEA Program), Community Development Financial Institutions Program (CDFI Program), Native American CDFI Assistance Program […]
Tax Bill Delayed; Release Scheduled for Nov. 2
As of Wednesday afternoon, it appears Senate Republicans have secured enough votes for their budget resolution.
New Community Investment Explorer Tool Explores Impact of LIHTC & NMTC
The Federal Reserve Bank of St. Louis recently launched a new interactive tool, Community Investment Explorer (CIE). CIE aggregates customizable data from the CDFI Program, New Markets Tax Credit Program (NMTC Program) and Low-Income Housing Tax Credit (LIHTC) Program to show geographic comparisons and trends over time. CIE draws on publicly available data from over […]
CDFI Fund Releases Summary Report and Public Data for NMTC Program from 2003-2015
The report found that over 68% of NMTC investments through 2015 could be classified as either single/mixed-use real estate, health care and social services, manufacturing, and education.
Bill Reintroduced to Increase HTC, LIHTC, and NMTC for Disaster Relief
If enacted, areas that experienced federally-declared disasters from 2012 – 2015 would receive additional allocations towards tax credit programs
2017 Shows Continued High Demand for New Markets Tax Credits
The CDFI Fund received 230 applications in its 2017 round for the New Markets Tax Credit Program.
CDEs Going Above and Beyond in New Compliance Study of New Markets Tax Credit
A recent report commissioned by the CDFI Fund not only found full compliance amongst all Community Development Entities (CDEs) reviewed, but also found that CDEs generally exceeded minimum financing thresholds mandated by the IRS.
New Markets Tax Credit Report Shows Continuing Success
This is the thirteenth edition of the report and NMTC President Robert Davenport said the quality of last year’s projects “bests any previous year.”