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IRS ISSUES UPDATED NMTC REGULATIONS

WASHINGTON, D.C.- August 8, 2008

The Internal Revenue Service today released proposed amendments to the new markets tax credit (NMTC) regulations. The proposed regulations revise and clarify rules relating to the reasonable expectations rule, the redemption safe harbor for partnership community development entities (CDEs), and the termination of a partnership CDE under Section 708(b)(1)(B).

The amended regulations will be published in the Federal Register on August 11. Detailed analysis will be provided in the September issue of the Novogradac New Markets Tax Credit Report.

To discuss the latest developments in the NMTC program, join Novogradac & Company at the Multi Credit Conference, October 1-3 in St. Louis, and the New Markets Tax Credit Investors Conference, October 22-24, in Boston.

SENATE TO CONSIDER NMTC EXTENSION NEXT WEEK

WASHINGTON, D.C.- July 25, 2008

Senate Finance Committee Chairman Max Baucus, D-Mont., yesterday introduced S. 3335, the Jobs, Energy, Families and Disaster Relief Act, a package of tax extenders that would extend the new markets tax credit (NMTC) for one year. The measure would also extend and expand the production and investment tax credits for renewable energy. Click here for a summary of the bill’s provisions and its estimated revenue effects. The Senate is expected to take up S. 3335 for consideration next week.

CDFI FUND WEB SITE REPAIRED, CIIS REPORT DEADLINE EXTENDED

WASHINGTON, D.C.- June 27, 2008

The Community Development Financial Institutions (CDFI) Fund web site, www.cdfifund.gov, has been repaired and access to myCDFIFund accounts has been restored. As a result of the outage, the CIIS reporting deadline has been extended. The CDFI Fund has extended to July 11, 2008 at 11:59 p.m. EDT the deadline to complete the institution level reports (ILRs) and transaction level reports (TLRs) for period-end December 31, 2007 reports. This extension applies only to awardees and allocatees with a fiscal year-end of December 31, 2007.

CDFI FUND WORKING TO RESTORE WEB SITE ACCESS

WASHINGTON, D.C.- June 26, 2008

The Community Development Financial Institutions (CDFI) Fund web site, www.cdfifund.gov, is unavailable due to technical issues. At this time, awardees and allocatees cannot access their myCDFIFund accounts and therefore are unable to access the Community Investment Impact System (CIIS) to complete the institution level reports (ILRs) and transaction level reports (TLRs). Due to these circumstances, the CDFI Fund announced today that it extended the reporting deadline for period end December 31, 2007 reports to July 7, 2008. This extension applies only to awardees and allocatees with a fiscal year end of December 31, 2007.

The CDFI Fund's says its IT staff is addressing the situation and awardees will receive an e-mail notice when the web site and access to myCDFIFund have been restored. Questions should be directed to the CME unit helpdesk at 202-622-6330 or CME@CDFI.treas.gov.

NMTC APPLICANTS REMINDED OF QEI REPORTING DEADLINE

WASHINGTON, D.C.- June 10, 2008

Applicants for new markets tax credits (NMTCs) in the 2008 application round are reminded that pursuant to Section III.A.2.(a) of the 2008 Notice of Allocation Availability (NOAA), a prior NMTC allocatee (or any affiliates thereof) must demonstrate to the Community Development Financial Institutions (CDFI) Fund that it has issued a certain percentage of its qualified equity investments (QEIs) or issued and received a certain percentage of cash and commitments by June 13, 2008 in order to be eligible for a 2008 NMTC allocation. Applicants should also be sure to click the "finalize" button for any QEI information that is listed as "pending" for it to be finalized in the allocation tracking system (ATS).

CDFI FUND RELEASES INFORMATION ON NMTC PROJECTS FINANCED THROUGH 2006

WASHINGTON, D.C.- May 29, 2008

Through the fiscal year 2006 reporting period, community development entities (CDEs) disbursed a total of $5,448,054,264 to 1,131 different qualified active low-income community businesses (QALICBs) under the new markets tax credit (NMTC) program, according to data released today by the Community Development Financial Institutions (CDFI) Fund. The CDFI Fund requires all CDEs that receive NMTC allocations to provide annual reports detailing how the NMTC proceeds were invested in low-income communities. Click here for a summary report listing all QALICBs financed by CDEs in FY 2006.

To hear more about this new information, tune in to next week's Novogradac Report on Tax Credits. During the June 3 podcast, Michael J. Novogradac, CPA, will discuss this data as well as recently released information from the Internal Revenue Service about the audit status of the NMTC program.

The latest developments in the NMTC program will also be discussed by industry experts at the 7th Annual New Markets Tax Credit Spring Conference in Washington, D.C., June 12-13.

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