Members of NH&RA’s New Markets Tax Credit Council recently convened to discuss and prioritize topics to address with key representatives of the Community Development Financial Institutions (CDFI) Fund and U.S. Government Accountability Office (GAO). NMTC Council representatives will meet with Bob Ibanez, CDFI Fund and Michael Brostek, Government Accountability Office on March 10, in conjunction with the 2010 New Markets Tax Credit Symposium.
During the meeting, the Council will have the opportunity to express concerns and make recommendations on the NMTC program. Proposed topics include:
- Clarifying passive activity rules;
- Qualification of certain types of investments for the credit;
- Re-examine the “substantially all” requirement; and
- Support for greater investment in institutions that invest in small businesses.