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.

Community Development Financial Institutions (CDFI) Fund clarified some key aspects of compliance monitoring in a recent update to its New Markets Tax Credit Compliance Monitoring Frequently Asked Questions document.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund released the Notice of Allocation Availability for the calendar year 2015 round of the New Markets Tax Credit Program. Applications are due December 16.

A report from the Senate Finance Committee Community Development & Infrastructure Bipartisan Tax Working Group estimated expenditures for the historic tax credit, low-income housing tax credit, and new markets tax credit for fiscal years 2014-2018. The report is meant to inform the committee’s discussions on tax reform. The report did not make any recommendations regarding the tax credit programs.

Senate bill (S. 1795) and House bill (H.R. 3110) aim to provide tax relief to communities hit by natural disaster between 2012 and 2015. Provisions include an increased allocation of housing credits and the opportunity to compete for an additional allocation of New Markets Tax Credits.

The Community Development Financial Institutions Fund (CDFI Fund) has released New Markets Tax Credit Program (NMTC Program) eligibility data for 2010 census tracts in the Island Areas of the United States (American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands).

Senate Finance Committee approved a tax extender bill that fixes the 9% and 4% credit rate floor for allocations made in 2015 and 2016. These provisions are part of a larger two-year tax extender bill.

The U.S. Department of Treasury awarded Capfund New Markets $55 million in the most recent round of New Markets Tax Credit (NMTC) allocations, the largest award Capfund New Markets has received to date.

The CDFI Fund announced more than $3.5 billion in New Markets Tax Credit awards aimed at stimulating investment and economic growth in low-income urban neighborhoods and rural communities nationwide. Thirteen NH&RA members were among the 76 organizations across the country that will receive tax credit allocation authority under the 2014 round of the New Markets Tax Credit Program.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2013. Through the first 11 application rounds of the NMTC Program, the CDFI Fund has made 836 awards, allocating a total of $40 billion in tax credit authority to CDEs through a competitive application process.

U.S. Senator Roy Blunt (R-MO) introduced legislation to make the New Markets Tax Credit (NMTC) program permanent, provide an annual allocation of credits indexed to inflation, and exempt NMTC investments from the Alternative Minimum Tax.

Representatives Pat Tiberi (R-OH), Richard Neal (D-MA) and Tom Reed (R-NY) introduced a bill to permanently extend the New Markets Tax Credit (NMTC) program.

Nixon Peabody LLP elected three partners to its Tax Credit Finance & Syndication practice. The new partners are Nathan Bernard, Christopher Perkowski, and Katie Tenney.