New Markets Tax Credit (NMTC)

Treasury

CDFI Fund Director Donovan Steps Down; New Director Named

Annie Donovan announced that she will step down as the director of the Community Development Financial Institutions (CDFI) Fund at the U.S. Department of the Treasury. Donovan will be replaced by Jodie Harris in January.

IRS

Treasury Releases Priority Guidance Plan

The U.S. Department of the Treasury released its 2018-2019 Priority Guidance Plan.  Part one covers implementation of the Tax Cuts and Jobs Act of 2017. Notably, the first item in this section is issuing regulations for LIHTC income averaging. The plan also includes issuing regulations for utility allowances under the LIHTC, clarification and revision of […]

congress-capitol

Lame Duck Session Update: Tax Bill and Appropriations

Congress returns this week after its Thanksgiving break with a full agenda.  Priorities include extending funding for most federal agencies for FY 2019, which expires on Dec. 7, and a potential tax package. Chairman of the House Ways and Means Committee Kevin Brady (R-TX) released a tax bill that Congressional Republicans hope to pass during the lame-duck. The bill makes corrections to the Tax Cuts and Jobs Act of 2017, extends several expiring tax measures, includes disaster tax relief and makes changes to retirement and savings tax provisions. 

congress-capitol

Rep. Brady Announces Draft Tax Measure; Text to be Circulated Soon

House Ways & Means Chairman Kevin Brady (R-TX) has announced he has completed a draft tax measure to fix the “retail glitch” in the new tax law and address many tax extenders.  The draft measure is expected to be circulated in the next few days. It is unclear at time of press whether any affordable […]

congress-capitol

Representatives Circulate NMTC Dear Colleague Letter

Representative Steve Stivers (R-OH) and Representative Jose Serrano (D-NY) are circulating a “Dear Colleague Letter” request support for a permanent NMTC extension before the end of 2018. The letter is addressed to Ways and Means Chair Kevin Brady (R-TX) and is intended for members who are not on the Ways and Means Committee.  The deadline to sign […]

Member News

CohnReznick Launches Opportunity Zone and NMTC Mapping Tool

CohnReznick has launched an updated interactive mapping tool designed to assist New Markets Tax Credit and Opportunity Zone Investment stakeholders.  This mapping tool helps access eligibility using census-based criteria from the 2011-2015 and 2006-2010 American Community Surveys.  Either census database may be used to evaluate eligibility through a transition period ending October 31, 2018*.  To identify the […]

NH&RA News

CDFI Fund Retires CIIS—Compliance Reporting is Live in AMIS

Earlier this summer, the CDFI Fund announced that it was integrating award recipient reporting into the Award Management Information System (AMIS). I am very happy to report that the transition is now complete and the Community Investment Impact System (CIIS), is officially retired. Going forward, award recipients will now submit reports—including Institutional Level Reports (ILRs), […]

NH&RA News

New Markets Tax Credit Applications Exceed Authority 4-Fold

Applicants requested an aggregate total of $14.8 billion in NMTC allocation authority, over four times the $3.5 billion in authority available for the 2018 round.

congress-capitol

House Bill Would Give Rural NMTC $1 Billion Boost

The additional authority would be reserved for Rural Job Zones. Furthermore, at least 25% of the additional authority would be set aside for persistent poverty counties and/or high migration rural counties.

General News

NMTC Responsible for 272 Projects, 60,000 Jobs in 2017

The New Markets Tax Credit Coalition recently released its 2018 New Markets Tax Credit (NMTC) Progress Report.

General News

CDFI Fund Opens 2018 NMTC Funding Round, Apps Due June 28

The CDFI Fund recently released the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2018 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $3.5 billion in tax credit allocation authority available for the CY 2018 round.

congress-capitol

NMTC Coalition Launches Cosponsorship Drive

NH&RA urges members and other interested parties to support legislation to make the New Markets Tax Credit permanent as well as increase annual allocation authority. The NMTC Coalition has provided information and resources for how you can help.

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