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Legislation introduced in the Mississippi Senate would create a state new markets tax credit (NMTC) incentive to replace the existing state NMTC that expires in July. S.B. 3070 would create an NMTC worth 48% of qualified equity investments (QEIs), taken 16% per year for the first three credit years, for investments in businesses with principal operations in Mississippi.

President Joe Biden’s fiscal year 2025 budget proposal request, which was posted today, includes provisions to enhance the low-income housing tax credit (LIHTC) and tax-exempt private activity bonds (PABs), establish the neighborhood homes tax credit (NHTC) and make permanent the new markets tax credit (NMTC). The U.S. Department of the Treasury released the annual “Greenbook,” which explains the revenue proposals.

Pravina Raghavan was announced today as director of the Community Development Financial Institutions (CDFI) Fund, beginning immediately. The CDFI Fund oversees the new markets tax credit (NMTC) incentive, as well as the Capital Magnet Fund (CMF) and other community development funding activities.

A representative of the U.S. Department of the Treasury sent a response this week to a letter dated Sept. 23, 2023, from the lead Congressional sponsors of the New Markets Tax Credit (NMTC) Extension Act of 2023. The Congressional letter requested Treasury ensure all authorized NMTC allocations are disbursed by the end of 2025 as intended by Congress. The response in the Treasury letter said Treasury and the Community Development Financial Institutions (CDFI) Fund are “working diligently to award the NMTC allocations in a timely manner.”

The Community Development Financial Institutions (CDFI) Fund will publish a notice of guarantee availability (NOGA) in Monday’s Federal Register, inviting applications for up to $500 million in guarantee authority for the fiscal year 2024 CDFI Bond Guarantee program. The CDFI Bond Guarantee program provides CDFIs with substantial long-term, fixed-rate capital for use in distressed communities.

NMTC Working Group
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NMTC Special Report
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NMTC Program Outperforms Comparable Cash Grant Program

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NMTC Mapping Tool
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Find NMTC properties by zip code, census tract, and more.

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