New Markets Tax Credit (NMTC)

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

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 […]

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), […]

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.

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.

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

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.

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.

The Fund received 230 applicants this year requesting a total of $16.2 billion in NMTCs.

Today, the Senate and House have both passed the conference report of HR 1 – the GOP’s tax overhaul plan. The bill is expected to be signed into law by President Trump later this week.

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.

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. 

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.