New Markets Tax Credit (NMTC)

Treasury

Application Demand for CY 2021 Round of the NMTC Program Released

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that it received 199 applications under the calendar year (CY) 2021 round of the New Markets Tax Credit Program (NMTC Program).

General News

RFP for NMTC Program Native Initiative Due Nov. 19

The Community Development Financial Institutions Fund released a Request for Proposal related to a procurement that is part of a broader effort to increase New Markets Tax Credit investment in Federal Indian Reservations, Off-Reservation Trust Lands, Hawaiian Home Lands and Alaskan Native Village Statistical Areas.

General News

CDFI Fund Opens CY 2021 NMTC Allocation Round; Application Deadline Jan. 13, 2022

The Community Development Financial Institutions (CDFI) Fund released a notice of allocation availability (NOAA) for the $5 billion calendar year 2021 allocation round of the New Markets Tax Credit (NMTC) program, along with application materials and an updated application FAQ document.

Member News

NH&RA Members Among CDFI NMTC Awardees

The U.S. Department of the Treasury’s Community Development Financial Institution Fund (CDFI) announced $5 billion in New Market Tax Credits.

General News

Comments on NMTC Program Allocation Application Due March 1 

The Community Development Financial Institutions (CDFI) Fund is soliciting public comments on its calendar year (CY) 2021 New Markets Tax Credit (NMTC) Programs Allocation Application.

General News

Reps. Reed and Sewell Introduce NMTC Legislation

Representatives Terri Sewell (D-AL) and Tom Reed (R-NY) introduced legislation to increase the NMTC allocation by $3.5 billion over four years, allow investors to carry back those credits for five years, exempt the NMTC from the 75 percent general business credit limitation, among other provisions.

Member News

Enterprise Plans Investment to Address Racial Inequities

Enterprise Community Partners Inc. announced Dec. 14 it will take part in a $3.5 billion, five-year initiative to counter racial inequities in housing. Enterprise said it will contribute $10 million in capital to seed a $350 million growth fund to attract an additional $3.1 billion for the Equitable Path Forward initiative.

congress-capitol

Post-Election Legislative Landscape

The Senate returned this week and hit the ground running with Fiscal Year (FY) 2021 appropriations. Funding for the federal government runs out on December 11 and both Republicans and Democrats have stated their desire for full FY 2021 appropriation, as opposed to another short-term or long-term continuing resolution. A COVID-19 relief package and a tax bill are widely seen as the other must-dos during the lame-duck session. All three legislative vehicles provide opportunities to attach LIHTC priorities. We’ll continue to monitor the latest developments and engage our members when action is needed.

General News

CDFI Funds Releases CY 2020 NMTC Application, Updated FAQs

The Community Development Financial Institutions Fund (CDFI Fund) posted an updated calendar year (CY) 2020 New Markets Tax Credit (NMTC) Program Allocation Application Frequently Asked Questions (FAQs) document and a revised CY 2020 NMTC Program Allocation Application.

General News

CY 2020 NMTC Applicants Must Complete Application Registration in AMIS by Oct. 9

The calendar year (CY) 2020 New Markets Tax Credit (NMTC) notice of allocation availability (NOAA) references a new requirement for applicants to complete and save their NMTC application registration within the Awards Management Information System (AMIS) by October 9 at 5 p.m. ET.

General News

CDFI Fund Publishes 2020 NMTC NOAA

The Community Development Financial Institutions (CDFI) Fund published a notice of allocation availability (NOAA), making $5 billion in New Markets Tax Credit (NMTC) allocation authority available for the 2020 NMTC allocation round. Applications are due November 16.

IRS

IRS Guidance on BEAT

The Internal Revenue Service (IRS) issued final regulations providing additional guidance on the base erosion and anti-abuse tax (BEAT). The final regulations provide detailed guidance regarding how to compute certain BEAT calculations for groups of related taxpayers.

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