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Recent News
Four U.S. Senators today introduced legislation to create tax incentives for small businesses that add employees or investment. Sen. Ron Wyden, D-Oregon, Sen. Ben Cardin, D-Maryland, Sen. Maggie Hassan, D-New Hampshire, and Sen.
Legislation to create a state-level new markets tax credit (NMTC) incentive in Connecticut was introduced in the state General Assembly. S.B. 1108 would create a 100% NMTC for qualified low-income community investments (QLICIs) in nonprofit organizations in 2022 and 2023. The annual statewide cap would be $10 million and the transaction cap would be the lesser of $2 million or 40% of the eligible costs. The credit would be for 10% of the eligible investment for the first two years and 16% for each of the next five years.
President Joe Biden released a $1.5 trillion federal spending outline for fiscal year 2022 today, a discretionary funding request that includes $68.7 billion for the U.S. Department of Housing and Urban Development (HUD), an increase of 15% over 2021 levels. The outline also requests $330 million for the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, a 21% increase from 2021 levels.
The Urban Institute released a brief report about the nation’s housing supply shortage, calling for “policymakers … [to] expand the Low-Income Housing Tax Credit [LIHTC], Section 142 tax-exempt bonds for the development of rental housing, and the New Market Tax Credit [NMTC], each of which has proven effective in promoting development in underserved communities.”
Legislation introduced in the Louisiana House of Representatives would repeal the state low-income housing tax credit (LIHTC) and reduce the state new markets jobs act credit and historic tax credit (HTC) by 50% each. H.B. 454 includes the repeal of 12 tax credits and the reduction by 50% of 45 other credits.
