Recent News

Wednesday, July 1, 2020

The New Markets Tax Credit Coalition today released the 2020 New Markets Tax Credit (NMTC) Progress Report, a survey of 65 community development entities (CDEs). The CDEs reported using $2.7 billion in NMTC allocation in 2019 to finance 288 investments that amounted to $4.5 billion in project investment to low-income communities and 1.7 million people served. The financing resulted in 57,414 jobs, 35,440 of them permanent.

Wednesday, July 1, 2020

The House of Representatives today approved a sweeping infrastructure bill, voting to send the $1.5 trillion legislation to the Senate. The Moving Forward Act (H.R.

Monday, June 22, 2020

Sweeping infrastructure legislation released today in the House of Representatives includes provisions to establish a permanent minimum 4 percent rate for the low-income housing tax credit (LIHTC), increase the annual LIHTC allocation amount, temporarily reduce the 50 percent test for bond-financed housing to 25 percent and permanently extend the new markets tax credit (NMTC) at $5 billion (with additional allocation in 2020 and 2021).

Friday, June 12, 2020

The Treasury Department and Internal Revenue Service (IRS) today issued a notice providing tax relief for new markets tax credit (NMTC) transactions affected by the COVID-19 pandemic. IRS Notice 2020-49 provides extensions for community development entities (CDEs) and qualified active low-income community businesses (QALICBs) for certain time-sensitive acts due to be performed between April 1, 2020, and Dec. 31, 2020.

Wednesday, June 10, 2020

The U.S. Department of Treasury and the Internal Revenue Service (IRS) today posted a notice seeking recommendations to be included on the 2020-2021 Priority Guidance Plan. The Priority Guidance Plan identifies guidance projects that the Treasury and the IRS intend to focus on from July 1, 2020, through June 30, 2021.

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