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Recent News
Bipartisan legislation introduced in the U.S. Senate would permanently extend the new markets tax credit (NMTC), while providing an inflation adjustment and an exemption from the alternative minimum tax (AMT) for NMTC investments. The New Markets Tax Credit Extension Act of 2023, sponsored by Sens. Ben Cardin, D-Maryland, and Steve Daines, R-Montana, would apply the inflation adjuster to every allocation round after 2023 and allow AMT relief for qualified equity investments made after Dec. 31, 2022. This is the sixth consecutive session of Congress in which an NMTC permanence bill has been introduced, following 2014, 2015, 2017, 2019 and 2021.
Technical and administrative guidance released today by the Organization for Economic Co-Operation and Development (OECD)/Group of Twenty (G20) provides clarification on the treatment of key community development tax incentives concerning a global minimum tax (GMT) on multinational corporations. More than 140 nations agreed with the guidance, which will form a common approach for countries to implement the rules concerning the GMT.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that nearly 700 Community Development Financial Institutions (CDFIs) requested $7.69 billion in awards in the CDFI Equitable Recovery Program (CDFI ERP). The program made as much as $1.75 billion available with an eye toward reacting to the economic forces caused by the COVID-19 pandemic.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today it would delay the launch of the new CDFI Certification Application past the anticipated April timeline. The CDFI Fund is determining a new launch date, but the ongoing pause on CDFI certification application submissions will remain in effect. There are revisions to the application and reporting requirements. The CDFI Fund attributed the postponement to further review of public comments to the version of the application released for public comment in the Nov. 4, 2022, Federal Register. Comments on that draft were due in December 2022.
Legislation in the West Virginia Senate would create the West Virginia New Markets Job Act, which could go to community development entities (CDEs) that receive federal NMTC allocation authority. Under S.B. 95, West Virginia CDEs would receive a 60% credit for qualified equity investments (QEIs), taken in four equal annual installments of 15% beginning with the fourth year.
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