CY 2020 NMTC Applicants Face New Interim Reporting Requirement Due Jan. 29
Community development entities (CDEs) that applied for calendar-year (CY) 2020 new markets tax credit (NMTC) allocations have a new interim certification reporting requirement due Jan. 29. The new requirements allow CDEs to accurately report qualified equity investment (QEI) and qualified low-income community investment (QLICI) data that must be issued by Friday, Jan. 15. The Jan. 29 interim report on the Awards Management Information System (AMIS) allows QLICI data that hasn’t been formally certified on the CDE’s annual transaction level report (TRL) to be reported and certified in AMIS and considered issued by Jan. 15. Reporting includes any QEIs issued and QLICIs made from the CY 2014 to CY 2019 rounds. The new requirement is included in Section III and Table 2 of the 2020 Notice of Allocation Availability and in the current TRL Data Point Guidance. Contact a Novogradac professional if you have questions about meeting the Community Development Financial Institution (CDFI) Fund’s requirements.
The CY 2020 allocation round and future of the NMTC will be the focus of the Novogradac 2021 New Markets Tax Credit Virtual Conference, Jan. 21-22.