New Markets Tax Credit (NMTC)

National Housing & Rehabilitation Association is pleased to announce that it has released all PowerPoint slide presentations from the 2010 Summer Institute & Pre-Conference Symposium on New Markets Tax Credits.

The Montana Community Development Corporation (MCDC) recently announced that David Glaser has been elected the new President of MCDC, replacing Rosalie Sheehy Cates who resigned after serving for over two decades.

The U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund has schedueld a series of conference calls regarding CDFI Certification to allow potential certification applicants to receive guidance and ask questions about becoming a certified CDFI.

Senator Mary Landrieu (D-La.) recently proposed a package of tax incentives designed to create jobs and provide much needed relief to small businesses and communities along the Gulf Coast in the wake of the oil spill.

NH&RA’s New Markets Tax Credit Steering Committee will meet on July 21 in Dana Point, California during the 2010 Symposium on New Markets Tax Credits. The agenda for the conference has been released, and registration for the event is still open.

California’s Senate Revenue and Tax Committee last week passed a bill (S.B. 1316) that would establish a new tax credit modeled after the federal New Markets Tax Credit (NMTC) program.

Illinois Governor Pat Quinn this week signed a bill (S.B. 2093) into law that increases the state’s existing New Markets Tax Credit for new investment into small businesses in underserved communities.

Florida Governor Charlie Crist recently singed into law a bill that makes a number of modifications to Florida’s New Markets Development Program (NMDP), a state-level companion program to the federal NMTC program that provides state tax credits for low-income community investments.

U.S. Senator Maria Cantwell (D-Wash.) recently introduced legislation (S. 3326, bill text not available at press time) that would extend for one-year the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program and expand the program to include 4 percent LITHCs. The “Job Creation and Affordable Housing Act” would also allow a 5-year carryback of the LIHTC.

Today (Friday, May 28) the U.S. House of Representatives passed H.R. 4213, the American Jobs and Closing Tax Loopholes Act (Tax Extenders Legislation). The legislation contains several provisions of note for affordable housing and tax credit developers…

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.