The Community Development Financial Institutions (CDFI) Fund today issued a call for reviewers for the 2018 application round of the New Markets Tax Credit (NMTC) program.
The Community Development Financial Institutions Fund (CDFI Fund) notified community development entities (CDES) this week that if CDEs with Community Investment Impact System (CIIS) deadlines today or tomorrow miss those deadline for filing award and allocation reports about the New Markets Tax Credit (NMTC) program due to documented difficulties with the reporting system, they will not be penalized. CIIS faced difficulties due to high volume of transactions. A CDFI Fund email explained several issues and gave information on whom to contact.
The New Markets Tax Credit (NMTC) program created $5.8 billion in total project investment and 60,000 jobs in 2017, according to the 2018 New Markets Tax Credit Progress Report, released last week by the New Markets Tax Credit Coalition. The annual report included information from 89 community development entities, covering 81 percent of NMTC activity in 2017.
The Treasury Department today designated the final round of qualified opportunity zones (OZs) in four states: Florida, Nevada, Pennsylvania and Utah. Investors in qualified opportunity funds that invest in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026. With this final round, OZs have been designated in all 50 states, the District of Columbia and five U.S. possessions.
The Internal Revenue Service (IRS) updated and expanded the content on its opportunity zones frequently asked questions page. The new content includes confirmation that 2017 and 2018 gains are eligible for deferral and that a taxpayer may file an amended 2017 return to include a deferral on gains.
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