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Legislation Would Increase NMTC Allocations to Disaster Areas

WASHINGTON – April 15, 2014

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Last week, a bipartisan group of legislators introduced the National Disaster Tax Relief Act of 2014, which would provide a $500 million annual increase through 2016 in new markets tax credit allocations to federally declared disaster areas in 2012 or 2013. S. 2233 has been referred to the Senate Finance Committee.

Tune in to this afternoon’s Tax Credit Tuesday podcast to learn more about the bill.

Senate Finance Committee Passes Tax Extenders Bill

WASHINGTON – April 3, 2014

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The Senate Finance Committee today passed the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act by voice vote. The bill incorporates modifications released today by Chairman Ron Wyden, D-Ore., including a provision to claw back unused new markets tax credits (NMTCs) and use them to finance a Manufacturing Communities Tax Credit for investments in communities that have faced significant manufacturing job losses.

Bipartisan Bill Introduced to Make NMTC Permanent

WASHINGTON – April 2, 2014

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House Ways & Means Committee Members Jim Gerlach, R-Pa.,  and Richard Neal, D-Mass., today reintroduced bipartisan legislation that would make permanent the new markets tax credit (NMTC). In a statement about the bill’s introduction, the NMTC is credited with creating more than 550,000 jobs and incentivizing more than $60 billion in private investment to strengthen economically-distressed communities. A copy of the bill, H.R. 4365, will be posted at as soon as the text becomes available.

Senate Finance Committee to Consider Tax Extenders

WASHINGTON – April 1, 2014

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The Senate Finance Committee will markup legislation on “tax extenders” on Thursday, April 3. The bill, entitled the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, addresses a number of tax provisions that have expired or will expire at the end of this year. Among other things, the legislation would extend for two years important affordable housing and community development provisions. The committee also released a summary of the bill’s provisions and a cost estimate.

The legislation would extend the New Markets Tax Credit (NMTC) program for two years, permitting a maximum annual amount of qualified equity investments of $3.5 billion.

For more information, tune in this afternoon to the Tax Credit Tuesday podcast. Additional details may also become available leading up to the hearing, so stay tuned.

Bill Introduced to Amend Ohio State NMTC

COLUMBUS, Ohio – March 19, 2014

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Ohio Rep. Terry Boose introduced a bill last week that would allow more taxpayers and investments to qualify for the state new markets tax credit (NMTC) program. H.B. 478 would eliminate the requirement that a taxpayer receive a federal NMTC allocation in order to qualify for the state NMTC. The bill would also allow taxpayers to claim the NMTC earlier in the credit schedule and allow investments to be made in low-income businesses that derive 15 percent or more of their annual revenue from the rental or sale of real property. 

Stakeholders Urge Extension of NMTC Program

WASHINGTON – March 7, 2014

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A group of more than 1,400 businesses, investors, nonprofit organizations and community leaders yesterday sent letters to the House and Senate tax-writing committees, urging legislators to extend the New Markets Tax Credit (NMTC) program. The letters describe the NMTC as an effective community development tool that has directly created more than 550,000 jobs and leveraged $60 billion in capital investment since 2003.  

Administration Budget Would Permanently Extend NMTC

WASHINGTON – March 4, 2014

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In its proposed budget for fiscal year (FY) 2015, the Obama administration proposes permanently reauthorizing the New Markets Tax Credit (NMTC) program in 2015 and requests $5 billion of allocation authority per year, as well as authority to offset alternative minimum tax (AMT) liability. The budget also proposes a new Manufacturing Communities Tax Credit (MCTC), with $2 billion in tax credit authority in each of three years through 2017. The budget would also extend the CDFI Bond Guarantee program’s authorization by one year, through FY 2015, at a $1 billion guarantee level.

CDFI Fund to Award Only CY 2013 NMTC Allocation Authority

WASHINGTON – Feb. 27, 2014

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The Community Development Financial Institutions (CDFI) Fund announced today that it will only award Calendar Year (CY) 2013 new markets tax credit allocation authority in the amount of $3.5 billion during the current application round. It will not award CY 2014 allocation authority at this time. The CDFI Fund has amended its July 29, 2013 Notice of Allocation Authority (NOAA) because Congress has not authorized allocation authority for CY 2014. The CDFI Fund said that it anticipates making CY 2013 awards in late spring. The CDFI Fund plans to publish the amended NOAA in the Federal Register next week.

Tune into the March 4 Tax Credit Tuesday podcast to hear more about the change.

Tax Reform Proposal Would Alter LIHTC, Repeal HTC, ITC and PTC

WASHINGTON – Feb. 26, 2014

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Ways and Means Chairman Dave Camp, R-Mich., today released a draft tax reform proposal that would repeal the historic rehabilitation tax credit (HTC) and the renewable energy investment tax credit (ITC) and production tax credit (PTC). The draft does not include any reference to the new markets tax credit (NMTC).

The proposal would retain the low-income housing tax credit (LIHTC) in the revised tax code but would make several changes. Under the proposal, state and local housing authorities would allocate qualified basis, rather than tax credits. The proposed annual amount of allocable basis for each state would be equal to $31.20 multiplied by the state’s population, with a minimum annual amount of $36,300,000. In addition, the draft calls for including repealing the 4 percent credit, extending the credit period to 15 years from 10, repealing the increased basis rule for high-cost and difficult development areas, revising the general-public-use requirement to provide occupancy preferences only for individuals with special needs and veterans, and repealing the requirement that states include the energy efficiency and historic nature of the development in their selection criteria.

Novogradac & Company is developing a detailed analysis of the proposal, so stay tuned.

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