Legislation introduced in Nevada would revise the state’s new markets tax credit. A.B. 446 would allow a community development entity (CDE) to make a qualified low-income community investment jointly with another CDE, including with money from investments made in a CDE for which the entity received tax credits.
The Treasury Department’s second-quarter update to the 2018-2019 Priority Guidance Plan includes plans to provide guidance for the low-income housing tax credit average-income test, the use of historic tax credit for disaster relief, regulations to clarify certain rules for the new markets tax credit and guidance on private-activity bonds for affordable housing.
A bipartisan group of four U.S. Senators introduced legislation to establish a tax credit and grant program to stimulate investment in healthy options in food deserts. S. 786, the Healthy Food Access for All Americans Act, would create a credit for 15 percent of the basis of a qualified grocery store, 10 percent of renovations or an allocation from the Secretary of Agriculture for special access food providers.
Mississippi Gov. Phil Bryant signed legislation to extend the state New Markets Tax Credit program until July 1, 2021. S.B. 2598 extends the sunset for the state program by 18 months.
The Community Development Financial Institutions (CDFI) Fund today released the annual report on its activities. '18 A Year of Investment reports that the CDFI Fund provided roughly $3.5 billion in new markets tax credit allocations as well as $345 million in awards and loans and $150 million in bond guarantees.
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