NMTC Working Group
About the Group
The NMTC Working Group was established to provide a platform for NMTC industry participants to work together to resolve technical and administrative New Markets Tax Credit Program issues. Each month, members of the group participate on a conference call. Members participate in discussions and provide input regarding pending action items as agreed to by the members of the group. Novogradac & Company LLP also hosts a NMTC Working Group meeting at a scheduled time at each of its national NMTC conferences. Comments and suggestions are agreed to and submitted in writing directly to the IRS and the CDFI Fund based upon the group discussions.
Maps of NMTC Qualifying Census Tracts by State
Novogradac & Company has developed two NMTC Qualifying Census Tracts mapping tools that allow users to search census tracts on their desktops using Google Earth or in their web browsers using Google Maps.
Current Projects
- Create recommended practices to address the uncertainties faced when transactions involve the following issues:
- Substantial rehabilitation
- Residential rental property (Assisted Living)
- Reasonable working capital
- Portion of a business – Complete and separate set of books and records
- Definition of intangibles
- Take-out financing
- 20% affordable housing requirement
- Provide comments to the CDFI Fund on the Allocation Application, Allocation Agreements, and Debriefing Letters in advance of their next release
- Add additional overlays for the NMTC Mapping Tools, including:
- Congressional Districts
- Other higher distress criteria from Question 28 of the Allocation Application for which data is easily available
- Completed NMTC transactions
- Potential NMTC transactions
- Provide comments to the IRS on topics to be addressed on their 2008-2009 Guidance Priority List
- Provide comments to the CDFI Fund on CIIS 5.2
Membership Inquiries