All News

Thursday, July 9, 2020

A unity task force created by Vice President Joe Biden and Sen. Bernie Sanders, D-Vt., yesterday released a set of policy recommendations for a Biden administration if he wins the presidential election in November. The 110-page task force blueprint calls to expand and make permanent the new markets tax credit (NMTC) and to double the funding for community development financial institutions.

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.

Tuesday, June 9, 2020

Legislation introduced in Louisiana would create a new round under the state New Markets Jobs tax credit program for the allocation and certification of up to $100 million in qualified equity investments (QEI), beginning Aug. 1. H.B. 45 would allow credits against the state insurance premium tax worth 60 percent of the QEI, taken as 15 percent on the fourth, fifth, sixth and seventh credit allowance dates. The QEIs would be required to be made in certain industries.

Friday, June 5, 2020

The Community Development Financial Institutions (CDFI) Fund will publish in Monday’s Federal Register a request for comments on how CDFIs treat CDFI Fund equity investments in them. The CDFI Fund will use the information to help inform policy decisions concerning the management and oversight of its investment portfolio.

Thursday, May 28, 2020

The Community Development Financial Institutions (CDFI) Fund will publish in Friday’s Federal Register a notice opening the fiscal year 2020 round for the Capital Magnet Fund (CMF). Through the CMF, the CDFI Fund will award up to $173.8 million in grants to CDFIs and nonprofit organizations to finance affordable housing and related economic development and community service facilities.

Thursday, May 28, 2020

The U.S. Small Business Administration, in consultation with the U.S. Treasury, announced today it is setting aside $10 billion exclusively for community development financial institutions (CDFIs) to lend under the second round of funding for the Paycheck Protection Program (PPP). The PPP is a forgivable loan program that provides small businesses emergency capital during the COVID-19 pandemic.

Wednesday, May 20, 2020

The Office of the Comptroller of the Currency (OCC) today published a final rule amending Community Reinvestment Act (CRA) regulations, six weeks after the comment period closed on the proposed rule, which received more than 7,500 comments.

Tuesday, May 12, 2020

House Democrats today unveiled a $3 trillion COVID-19 relief bill, their proposal for “Phase 4” of pandemic relief legislation. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act would provide nearly $1 trillion to state and local governments to avert layoffs and $200 billion in hazard pay for essential workers.

Wednesday, May 6, 2020

The Community Development Financial Institutions (CDFI) Fund will publish a notice in Thursday’s Federal Register seeking feedback on new forms and reports that will be used to certify, evaluate and recertify CDFIs. CDFI Fund Director Jodie Harris explained in an announcement the revisions to the CDFI certification application and the annual certification and data collection report and certification transaction-level reporting.

Monday, May 4, 2020

The Internal Revenue Service issued a notice that clarifies that taxpayers are not allowed a deduction for an expense if payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan, and the income associated with the forgiveness is excluded from gross income.

Thursday, April 30, 2020

The Internal Revenue Service will publish a revenue procedure May 18 to temporarily allow taxpayers to electronically submit requests for private letter rulings and other guidance. Revenue Procedure 2020-29 modifies an earlier revenue procedure and will allow both paper and electronic requests for advice until Revenue Procedure 2020-29 is modified or superseded.

Thursday, April 30, 2020

The New Markets Tax Credit Working Group (NMTCWG), an organization of participants in the new markets tax credit (NMTC) incentive, submitted letters to the Department of Treasury and the Community Development Financial Institutions (CDFI) Fund, requesting guidance and the postponement of certain deadlines due to the COVID-19 pandemic.

Tuesday, April 28, 2020

The Community Development Financial Institutions (CDFI) Fund will publish a notice in Wednesday’s Federal Register seeking comment on a proposed revision to its information collection for the Native American CDFI Assistance (NACA) program and CDFI program.

Friday, April 24, 2020

President Donald Trump today signed the $484 billion COVID-19 relief bill into law, providing $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.

Wednesday, April 22, 2020

The House of Representatives is expected to vote Thursday morning on a $484 billion COVID-19 relief bill that includes $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.

Friday, April 17, 2020

The Internal Revenue Service today released guidance allowing taxpayers to change depreciation for qualified improvement property (QIP) under Internal Revenue Code 168, based on changes from the Coronavirus Aid, Relief and Economic Security (CARES) Act.