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WAYS AND MEANS TO CONSIDER ONE-YEAR EXTENDER PACKAGE

WASHINGTON, D.C.- May 8, 2008

At a press conference yesterday, House Ways and Means Committee Chairman Charles Rangel, D-N.Y., said his committee will consider a tax extenders bill next week. Media reports indicate the bill will include a one-year extension of some renewable energy tax provisions, and the New Markets Tax Credit (NMTC) Coalition reports that the proposal will also extend the NMTC for one year. Rangel told reporters that the package would be fully paid for but has not yet released details on the revenue offset provisions.

It's not too late to join industry experts to discuss this proposal and other important legislation next week at the Credit and Bond Financing Conference on May 15-16 in New Orleans, La.

GOP SENATORS URGE APPROVAL FOR EXTENDERS PACKAGE WITHOUT OFFSETS

WASHINGTON, D.C.- May 1, 2008

A group of 42 Senators this week sent a letter to Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Charles Grassley, R-Iowa, expressing their support for the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, which Baucus and Grassley introduced on April 17, and urging that it be enacted without revenue offsets. In addition to increasing the AMT exemption and allowing nonrefundable personal credits against AMT, the measure would provide a one-year extension of the new markets tax credit (NMTC).

Join Novogradac & Company LLP to discuss this legislation and other developments related to NMTC program at the 7th Annual New Markets Tax Credit Spring Conference June 12 - 13 in Washington, D.C.

SENS. BAUCUS, D-MONT., AND GRASSLEY, R-IOWA, TO INTRODUCE LEGISLATION TO EXTEND NMTC

WASHINGTON, D.C.- April 17, 2008

U.S. Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Charles Grassley, R-Iowa, today unveiled plans to introduce a bill that would extend through 2009 the New Markets Tax Credit (NMTC) program, which is set to expire December 31, 2008. The bill, which could be read by the Committee as soon as April 28, would also increase the alternative minimum tax (AMT) exemption and allow nonrefundable personal credits against AMT. Additionally, the legislation would make provisions to a series of energy tax credit programs, including an extension of the 30 percent investment tax credit for solar energy property and qualified fuel cell property, as well as the 10 percent investment tax credit for microturbines for one year (through 2009). It also includes an increase of $400 million to the Clean Renewable Energy Bonds (CREBs) program for bonds issued after December 31, 2008.

This and other pertinent legislation will be discussed at Novogradac & Company LLP's Expanding Tax Credit Horizons: Historic, New Markets, Low-Income Housing and Green Building Innovations conference, to be held April 22--24 in Cleveland, Ohio and the firm's Financing Renewable Energy Conference, May 1-2 in San Francisco, Calif.

NTMC PROGRAM RECOGNIZED IN GOVERNMENT AWARDS COMPETITION

WASHINGTON, D.C.- April 15, 2008

The U.S. Department of the Treasury’s New Markets Tax Credit (NMTC) program was named today as one of the top 50 programs that will advance to the final stages of competition for the 2008 Innovations in American Government Award. The NMTC program was chosen from approximately 1,000 programs representing all levels of government across the nation that applied for this award. Through its annual awards competition, the Innovations in American Government Program highlights exemplary models of governments’ innovative performance. Click here for more information.

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

TREASURY INVITES COMMENTS ON EXISTING NMTC REGULATIONS

WASHINGTON, D.C.- April 14, 2008

The Department of the Treasury and Internal Revenue Service (IRS) last week invited comments concerning existing final regulation, REG-119436-01 (TD 9171), New Markets Tax Credits. These regulations finalize the rules relating to the new markets tax credit under section 45D and replace the temporary regulations which expired on December 23, 2004. There are no changes proposed to the existing regulation. Written comments should be received on or before June 9, 2008 to be assured of consideration.

NMTC regulations and other timely topics will be discussed at Novogradac & Company LLP’s 7th Annual New Markets Tax Credit Spring Conference June 12 - 13 in Washington, D.C.

BILL EXTENDS NMTC ELIGIBILITY TO CDES IN U.S. TERRITORIES

WASHINGTON, D.C.- April 10, 2008

Rep. Madeleine Z. Bordallo, the delegate from Guam to the House of Representatives, yesterday introduced a measure to amend the Internal Revenue Code to extend eligibility under the new markets tax credit (NMTC) for community development entities (CDEs) created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands. The legislation, H.R. 5742, was referred to the House Committee on Ways and Means upon its introduction.

CDFI FUND RECEIVES 239 NMTC APPLICATIONS IN SIXTH ROUND

WASHINGTON, D.C.- March 14, 2008

The Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 239 applications under the 2008 round of the new markets tax credit (NMTC) program. Through the first five rounds of the NMTC program, the CDFI Fund has made 294 awards totaling $16 billion in tax credit allocation authority. The CDFI Fund reports that applicants in the sixth round requested an aggregate total of $21,301,795,539 in NTMC allocation authority. A total of $3.5 billion of allocation authority is available this round.

The application deadline was March 5, 2008. The CDFI Fund anticipates announcing the sixth round of NMTC allocations in October of 2008. Additional information can be found on the CDFI Fund’s web site at www.cdfifund.gov.

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