Legislation was introduced in both the House of Representatives and the U.S. Senate today to reauthorize and make permanent the new markets tax credit (NMTC). The New Markets Tax Credit Extension Act of 2019 would also include an inflation adjustment to the annual NMTC allocation authority and the ability to offset the alternative minimum tax. H.R. 1680 was introduced by Reps.
The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.
A bill introduced in the California Assembly would create a state New Markets Tax Credit (NMTC) program that largely mirrors the federal program, but with a $100 million cap in qualified equity investments per calendar year. AB 1259 would define qualified low-income community businesses as those with 250 or fewer employees and would exclude charter schools. The NMTC program would begin Jan. 1, 2020, and expire Dec. 1, 2025.
Reps. Earl Blumenauer, D-Ore., and Jackie Walorski, R-Ind., yesterday introduced the Move America Act of 2019 (H.R. 1508) to spur investment in infrastructure improvements through Move America Bonds and Move America Credits. The bill would expand tax-exempt private activity bonds for infrastructure and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. Sens.
The Community Development Financial Institutions (CDFI) Fund will publish a notice in the Federal Register Monday, delaying the application deadline for the CDFI Bond Guarantee program until March 26. The previous deadline was Feb. 26. The notice also moves the deadline for the qualified issuer applications from Feb. 19 to March 19.
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