Recent News

Friday, June 15, 2018

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.

Thursday, June 14, 2018

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.

Tuesday, June 12, 2018

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.

Monday, June 11, 2018

The Community Development Financial Institutions Fund (CDFI Fund) will publish in the Federal Register Tuesday a notice reopening the application round for the fiscal year 2018 CDFI Bond Guarantee Program. Up to $500 million is available for the program and applications are due by 11:59 p.m. EST July 12.

Thursday, June 7, 2018

The Community Development Financial Institutions Fund today announced that it revised the paper application for the calendar year 2018 New Markets Tax Credit allocation round and the related frequently asked questions (FAQs) document.

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NMTC Program Outperforms Comparable Cash Grant Program
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