NMTC Policy and Regulations

Federal Register Notices

CDFI Program and NMTC Program Annual Report Including CIIS
September 21, 2017

Comment Request New Markets Tax Credit Program Allocation Application
June 28, 2017

Centralized Partnership Audit Regime
June 14, 2017

Community Development Financial Institutions Fund Notice and Request for Comments on Annual Reports
April 26, 2017

Notice of Open Meeting for the Community Development Advisory Board
January 13, 2017

CDFI Fund Seeks Comments on CDFI Certification Requirements
January 4, 2017

Election Into the Partnership Audit Regime Under the Bipartisan Budget Act of 2015
August 5, 2016

Election Into the Partnership Audit Regime Under the Bipartisan Budget Act of 2015 (Proposed Rules)
August 5, 2016

Proposed Collection; Comment Request for Regulation Project
August 5, 2016

CDFI Fund Proposed Interim Rule
August 31, 2015

CDFI Annual Assessment Evaluation Report Form
March 5, 2015

Annual Assessment: Procedures and Criteria
March 3, 2015

Final Regulation, REG-119436-01 (TD 9171): New Markets Tax Credits
July 15, 2014

CDFI Annual Certification and Data Collection Report Form
July 9, 2014

IRS Notices

Notice 2018-43: Public Comment Invited on Recommendations for 2018-2019 Priority Guidance Plan
​April 27, 2018

Notice 2016-28: Empowerment Zone Designation Extension
March 25, 2016

Notice 2013-38: Empowerment Zone Designation Extension
March 2013

Notice 2010-62: Interim Guidance under the Codification of the Economic Substance Doctrine and Related Provisions in the Health Care and Education Reconciliation Act of 2010
June 2010

Notice 2008-84: Application of Section 382 in the Case of Certain Acquisitions Made by the United States
August 2008

Notice 2008-47: Public Comment Invited on Recommendations for 2008-2009 Guidance Priority List
April 2008

Notice 2008-25: GO Zone Bonus Depreciation Recapture
February 2008

Notice 2007-36: GO Zone Bonus Depreciation Additional Guidance
March 2007

Notice 2007-18: Definition of Party and Allocation of Net Income or Proceeds for Purposes of Section 4965
February 7, 2007

Revenue Procedure 2007-20: Exceptions to Reportable Transaction Disclosure Rules Under Section 1.6011-4(b)(4)
January 26, 2007

Transition Relief for Certain Partnerships and Other Pass-Thru Entities Under 470
December 14, 2006

IRS Notice 2006-60: Designation of Certain Targeted Populations
June 30, 2006

IRS Notice 2004-26: Public Comment Invited on Recommendations for 2004-2005 Guidance Priority List
March 24, 2004

IRS Notice 2003-68 - Purchase of Loans by a CDE
September 23, 2003

IRS Notice 2003-64 - Use of Intermediaries
September 8, 2003

IRS Notice 2003-56: Qualified Equity Investments
July 24, 2003

IRS Notice 2003-9: Extension of 'Look Back' Period
January 9, 2003

IRS Notice 2002-64: NMTC Not Limited By Other Federal Tax Benefits
September 20, 2002

IRS Notice 2001-75: NMTC Equity Investment Eligibility
December 17, 2001

IRS Notice: Invitation for Comments on NMTC Guidance
May 1, 2001

Revenue Procedures

Proc. 2016-48
August 26, 2016

Revenue Rulings

Rev. Rul. 2010-17: Amount of the Qualified Equity Investment Made by a Limited Liability Company
June 8, 2010

Rev. Rul. 2010-16: Passive Activity Losses And Credits Limited
June 8, 2010

Revenue Ruling 2003-20: Partnership Purchases of a Qualified Equity Investment
January 23, 2003

Private Letter Rulings

PLR 201429019: Response to a Request for Ruling Regarding the 6-Month Cure Period Under 1.45D-1(e)(6)
July 18, 2014

PLR 201429018: Response to a Request for Ruling Regarding the 6-Month Cure Period Under 1.45D-1(e)(6)
July 18, 2014

PLR 201418035: Rehabilitation of two properties under 168(h)(1)(B) of the Internal Revenue Code
January 16, 2014

PLR 201243003: Multiple Buildings May be Treated as a Single Building Under 168(e)(2) and 1250
October 26, 2012

PLR 201004021: 6 month cure period under 1.45D-1(e)(6)
January 29, 2010

PLR 201004008: 6 month cure period under 1.45D-1(e)(6)
January 29, 2010

PLR 200947005: Multiple Buildings May be Treated as a Single Building under 168(e)(2)
November 20, 2009

PLR 200947004: Multiple Buildings May be Treated as a Single Building under 168(e)(2)
November 20, 2009

PLR 200926022: 50 Percent Exception to the Definition of Tax-Exempt Use Property
June 26, 2009

PLR 200910024: Targeted Populations under Sec. 45D(e)(2) and Section 3.03(2) of Notice 2006-60
March 6, 2009

PLR 200841003: Historic Building and Addition are One Property for Purposes of Sec. 168(h)(1)(B)(iii) 35% Threshold Test
October 10, 2008

PLR 200644044 - IRC Section 501(c)(3) - Entity Formed to Provide Services to NMTC Subsidiary of CDFI Doesn't Qualify for Tax Exemption
May 26, 2006

PLR 200331008
May 9, 2003

PLR 200331007
May 9, 2003

PLR 200331006 - IRC Section 4944 - Taxes on Investments Which Jeopardize Charitable Purpose
May 9, 2003

PLR 200331005 - IRC Section 4944 - Taxes on Investments Which Jeopardize Charitable Purpose
May 9, 2003

PLR 200211052: Income from Redeveloping Blighted Area not UBTI
March 18, 2002

PLR 200006016: Definition of DC Zone Business
February 11, 2000

PLR 8931001: Investment Tax Credit - Partnership Allocations
March 15, 1989

Chief Counsel Advice

AM 2016-001 : Nonrecourse Carve-Outs Do Not Cause Debt to fail to Qualify as Nonrecourse Debt
April 15, 2016

CCA 20125201F: Tax Years Through Analysis of Negligence Penalty and Reasonable Basis Under I.R.C. 6662 and Reasonable Cause and Good Faith Under I.R.C. 6664
November 16, 2012

CCA 201147025: Continuing Care Retirement Community facilities as Residential Rental Property
November 25, 2011

CCA 200944050: Active Conduct of a Qualified Business under 45D(d)(2)(A)(i) and 1.45D-1(d)(4)(i)
October 30, 2009

ITA

ITA 200211042: Sale of Missouri Tax Credits
February 5, 2002

Forms

Certification of Material Events Form: For All CDFI Fund Programs
November 29, 2016

Notice and Request for Comments
March 28, 2013

Certification of Material Events Form
March 2013

Form 8874: New Markets Credit
December 2012

Form 8874-A: Notice of Qualified Equity Investment for New Markets Credit
December 2011

Form 8874-B: Notice of Recapture Event for New Markets Credit
December 2011

Notice and Request for Comments
July 1, 2010

Notice and Request for Comments
June 11, 2009

CDFI Fund Notices

Certification, Compliance Monitoring and Evaluation: 2017 NMTC Frequently Asked Questions
February 6, 2017

New Markets Tax Credit Public Data Release: 2003-2014 Summary Report
August 11, 2016

FY 2014 NMTC Public Data Release
August 11, 2016

Certification, Compliance Monitoring and Evaluation: 2015 NMTC Frequently Asked Questions (Updated)
December 4, 2015

Certification, Compliance Monitoring and Evaluation: 2015 NMTC Frequently Asked Questions 
October 30, 2015

NMTC Census Data Transition FAQs
July 17, 2015

NMTC 2006-2010 American Community Survey Eligibility Data
July 17, 2015

Notice of Guarantee Availability
April 10, 2015

Modification of CDFI Certification Requirements
April 10, 2015

CDFI Fund Opens Application Period for FY 2015 CDFI Bond Guarantee Program
April 9, 2015

CDFI Fund Seeks Public Comment on CDFI Bond Guarantee Program Annual Assessment Requirements
April 9, 2015

Certification, Compliance Monitoring and Evaluation: 2014 NMTC Frequently Asked Questions
December 2014

Updated: New Markets Tax Credit Certification, Compliance Monitoring and Evaluation Frequently Asked Questions
December 2014

CDFI Program Awardee and NMTC Allocatee Annual Report Supporting Statement
February 4, 2014

Notice of Solicitation of Comments on the NMTC Program Allocation Application
January 14, 2014

CDFI Fund Comment Request on Continuing Data Collection Through the Community Investment Impact System (CIIS) of Information From Program Awardees
August 27, 2013

Responses to Frequently Asked Questions: Additional Information about CDFI Recertification
May 30, 2013

Additional Instructions on MultiCDE Reporting
March 25, 2013

Proposed Collection; Comment Request: New Markets Tax Credit Allocation Tracking System
June 14, 2012

CDFI Fund NMTC Program Allocation Tracking System Data Points
June 14, 2012

NMTC Census Data Transition FAQs
June 14, 2012

List of Qualifying NMTC Census Tracts Within High Migration Rural Counties
May 1, 2012

Updated NMTC Program Eligibility Criteria: 2006-2010 American Community Survey Census Data
May 1, 2012

Statewide Median Family Income: 2006-2012 American Community Survey 5-Year Estimates
March 23, 2012

Request for Public Comment: New Markets Tax Credit Program
November 7, 2011

New Markets Tax Credit Compliance and Monitoring Frequently Asked Questions
September 2011

Proposed Collection; Comment Request for Healthy Food Financing Initiative--Financial Assistance Program Supplemental Questionnaire
August 4, 2011

Submission for OMB Review; Comment Request: Evaluation of the New Markets Tax Credit (NMTC) Program
May 19, 2010

Proposed Collection; Comment Request: Community Development Financial Institutions Program Awardee/Allocatee Annual Report
May 7, 2010

Proposed Collection; Comment Request: New Markets Tax Credit Allocation Tracking System
March 1, 2010

Submission for OMB Review; Comment Request: Quarterly Institutional Level Report
February 24, 2010

Proposed Collection; Comment Request: Quarterly New Markets Report (QNMR) for New Markets Tax Credit (NMTC) allocatees under the American Recovery and Reinvestment Act of 2009
February 19, 2010

Proposed Collection; Comment Request: Evaluation of the New Markets Tax Credit Program
February 4, 2010

Notice and Request for Comments: Certification of Material Events Form
September 21, 2009

CDFI Fund Notice and Request for Comments: New Markets Tax Credit (NMTC) Program Allocation Application
August 3, 2009

New Markets Tax Credit Compliance and Monitoring Frequently Asked Questions
May 2009

Notice Inviting Comments Concerning Non-Metro QEI Allocations
May 22, 2007

NMTC Allocation Application Q&A
December 1, 2006

Notice Inviting Comments Concerning the New Markets Tax Credit (NMTC) Program Allocation Tracking System
November 6, 2006

Notice Inviting Comments Concerning NMTC Program Allocation Agreement--Disclosure, Audited Financial Statements
November 6, 2006

Notice Inviting Comments Concerning the Community Development Financial Institutions Fund's Conflict of Interest Package for Non-Federal Readers
November 6, 2006

New Markets Tax Credit Compliance and Monitoring Frequently Asked Questions
November 2006

Advance Notice of 2007 NMTC QEI Issuance Requirements
October 30, 2006

Notice Inviting Comments on the Release of Transaction Level Report Data and Allocation Tracking System Data
August 15, 2006

Draft Privacy Protocol for CDE TLR and ATS Data
August 15, 2006

Draft FY 2004 CDE TLR and ATS Data Release Sample
August 15, 2006

Notice Inviting Comments Concerning the Community Development Entity (CDE) Certification Application
May 24, 2006

Notice Inviting Comments Concerning the Community Development Entity (CDE) Certification Application
March 1, 2006

NMTC 2006-2010 American Community Survey Eligibility Data
February 2006

Notice Inviting Comments Concerning the New Markets Tax Credit (NMTC) Program Allocation Application
December 28, 2005

Policies for Prioritizing Amendment Requests
November 15, 2005

Allocation Agreement Q&A
January 2005

2005 NMTC Allocation Application Q&A
September 24, 2004

All Applicants for Federal Assistance Required to Obtain Dun & Bradstreet (D&B) Data Universal Numbering System (DUNS) Number
March 29, 2004

CDFI Fund Submission for OMB Review: Institution-Level Report; Transaction-Level Report; IRS Compliance Questions
March 12, 2004

Procedure for requesting legal interpretations of statutes, regulations, guidances, agreements: CDFI Program, BEA Program, NMTC Program
March 10, 2004

Allocation Agreement Q&A
January 27, 2004

New Markets Tax Credit Program Allocation Tracking System (ATS)
January 2, 2004

XML Schema Definition (XSD) document for the Community Investment Intelligence System (CIIS)
December 17, 2003

CDFI Fund Advisory Board Meeting Announcement
October 2, 2003

CDFI Fund Notice Extending Sundry Deadlines for the 2003 NMTC Allocation Application Round
September 10, 2003

NMTC Allocation Application Q&A
September 8, 2003

CDFI Fund Notice and Request for Comments Regarding NMTC Program Institution-Level Report and Transaction-Level Report
July 16, 2003

CDFI Fund Notice of Video Teleconference for 2003 NMTC Round
July 8, 2003

CDFI Fund Notice and Request for Comments Regarding Notification of Receipt of a Qualified Equity Investment
March 30, 2003

Application and Allocation Q&A
August 5, 2002

Press Release: Guidance on NMTC Program
April 20, 2001

CDFI Fund New Markets Tax Credit Brochure

GAO Reports

Letter from CDFI Fund Director Gambrell to GAO About Minority Entities' Participation in NMTC Program
April 23, 2009

New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities
April 1, 2009

New Markets Tax Credit Appears to Increase Investment by Investors in Low-Income Communities, but Opportunities Exist to Better Monitor Compliance
January 31, 2007

Community Development: Federal Revitalization Programs Are Being Implemented, but Data on the Use of Tax Benefits Are Limited
March 5, 2004

New Markets Tax Credit Program: Progress Made in Implementation, but Further Actions Needed to Monitor Compliance
January 2004

OCC Guidance

Proposed Revisions to the Interagency Questions and Answers Regarding Community Reinvestment
July 11, 2007

OCC Community Development Investment Letter #2004-3: National Bank May Invest in a CDE formed under the NMTC program which acquires real estate loan made to QALICB
November 22, 2004

OCC Interpretive Letter # 996: National Bank is Authorized to Acquire Non-controlling Interest in an LLC that Generates NMTCs
July 6, 2004

Legal Authority for National Bank Investments in Subsidiary Community Development Entities and NMTCs
2004

OCC Interpretive Letter # 984: Treatment of NMTC investments under CRA
December 17, 2003

Compliance Corner: Expanding Your CRA Reach with CD Banks and CDFIs
2002

Program Regulations

Treasury Decision 9600 Frequently Asked Questions
May 29, 2013

TD 9600: Final Regulations: Non-Real Estate Investments
September 28, 2012

NMTC Q&A Document: Low-Income Communities and Targeted Populations
March 23, 2012

Final Regulations: Targeted Populations Under Section 45D(e)(2)
December 5, 2011

Correction: New Markets Tax Credit Non-Real Estate Investments
July 6, 2011

Correction: Encouraging New Markets Tax Credit Non-Real Estate Investments
July 6, 2011

Notice of Proposed Rulemaking and Notice of Public Hearing: New Markets Tax Credit Non-Real Estate Investments
June 7, 2011

Advance Notice of Proposed Rulemaking: Encouraging New Markets Tax Credit Non-Real Estate Investments
June 7, 2011

Comment Request: TD 9171: New Markets Tax Credits
May 27, 2011

NMTC Q&A Document: Low-Income Communities and Targeted Populations
October 3, 2008

Proposed Regulations: Targeted Populations Under Section 45D(e)(2)
September 24, 2008

Amendments to New Markets Tax Credit Regulations
August 11, 2008

Comment Request: TD 9171, New Markets Tax Credits
April 10, 2008

Advance Notice of Proposed Rulemaking Regarding the Designation of Low-Income Communities
May 24, 2005

Correction to Final New Markets Tax Credit Regulations
January 28, 2005

Notice of Final New Markets Tax Credit Regulations
December 28, 2004

Treasury Decision 9171: Final New Markets Tax Credit Regulations
December 22, 2004

Treasury Decision 9116: New Markets Tax Credit Amendments to Temporary Regulations
March 11, 2004

IRS Notice of Proposed Rulemaking and Public Hearing on New Markets Tax Credit Amendments
March 11, 2004

Other Guidance and Resources

Second Quarter Update to the 2017-2018 Priority Guidance Plan
February 7, 2018

2016-2017 Priority Guidance Plan (Initial)
August 15, 2016

2015-2016 Priority Guidance Plan Fourth Quarter Update
August 15, 2016

Guaranteed Loanmaking and Servicing Regulations
June 3, 2016

Internal Revenue Code Section 45D
January 31, 2013

Office of the Inspector General: Recovery Act: The Community Development Development Financial Institutions Fund Should Revise Policies and Procedures to Clarify Reviews Under the New Markets Tax Credit Program
August 3, 2012

U.S. Department of Housing and Urban Development Final Rule: Prohibition of the Escrowing of Tax Credit Equity
August 23, 2010

Internal Revenue Service Audit Guide: New Markets Tax Credit
May 26, 2010