All News

Monday, January 13, 2020

A bipartisan group of four U.S. senators last week introduced a bill that would require that 10 percent of the annual new markets tax credit (NMTC) allocation would be made to community development entities (CDEs) for investment in developments in Indian and Native lands. Sens.

Wednesday, January 8, 2020

The Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation will publish their joint notice of proposed rulemaking for updated Community Reinvestment Act (CRA) regulations in Thursday’s Federal Register. The proposed CRA regulations were made public Dec. 12, 2019.

Monday, December 23, 2019

President Donald Trump late Friday signed two budget bills totaling $1.4 trillion–bills that include a one-year extension of both the new markets tax credit (NMTC) and renewable energy production tax credit (PTC), as well as an estimated $1 billion in low-income housing tax credit (LIHTC) allocation authority for California. The two measures fund the government for fiscal year 2020, which ends Sept. 30, 2020.

Tuesday, December 17, 2019

One of two year-end fiscal year 2020 spending bills for the federal government includes a one-year extension of the new markets tax credit (NMTC) at $5 billion, a one-year extension of the production tax credit (PTC) for wind at the phasedown rate of 60 percent and a nearly $1 billion disaster allocation of low-income housing tax credits to California after it was hit by wildfires in 2017 and 2018.

Thursday, December 12, 2019

The Office of the Comptroller of the Currency (OCC) today released a notice of proposed rulemaking to reform the Community Reinvestment Act (CRA) regulations. The OCC was joined by the Federal Deposit Insurance Corporation, which is one of three federal regulators that oversee the CRA. The Federal Reserve Board of Governors did not sign on.

Tuesday, December 3, 2019

The Internal Revenue Service will publish final regulations to implement the base erosion and anti-abuse tax (BEAT) in Friday’s Federal Register. Treasury Decision 9885 finalizes proposed regulations published Dec. 21, 2018, and is effective Friday.

Thursday, November 14, 2019

Organizations face a Friday deadline to sign on to a letter calling for Congress to extend the new markets tax credit (NMTC) incentive. The New Markets Tax Credit Coalition letter calls for a permanent extension and expansion of the NMTC along the lines of the New Markets Tax Credit Extension Act.

Thursday, November 14, 2019

Democratic presidential candidate Joe Biden today released a plan to invest $1.3 trillion in infrastructure over 10 years, including permanence for the new markets tax credit (NMTC) incentive and a restoration of the renewable energy investment tax credit (ITC). Biden, a former U.S.

Wednesday, November 13, 2019

The Kentucky Department of Revenue issued a private letter ruling (PLR) Nov. 5 concerning a proposed stacked leverage structure in a transaction made using the state’s new markets tax credit. KY-PLR-19-10 includes 13 conclusions related to the specific request, including that loans made by sub-community development entities qualify as qualified low-income community investments if they meet specific requirements.

Friday, November 8, 2019

The New Markets Tax Credit (NMTC) Coalition is circulating a sign-on letter to leaders in Congress seeking the extension of the NMTC. Organizations can sign on to the letter, which calls for a permanent extension and expansion of the NMTC along the lines of the New Markets Tax Credit Extension Act.

Wednesday, October 9, 2019

The Internal Revenue Service (IRS) this week released the 2019-2020 priority guidance plan, which established guidance priorities for the Department of the Treasury and IRS for the period from July 1, 2019, through June 30, 2020.

Friday, October 4, 2019

The Community Development Financial Institutions (CDFI) Fund Thursday released an updated new markets tax credit (NMTC) application and NMTC application frequently asked questions document.

Tuesday, September 10, 2019

The Community Development Financial Institutions (CDFI) Fund today announced an update to the certification requirements for applicants of a CDFI program or Native American CDFI Assistance (NACA) program financial assistance award. Beginning with the fiscal year 2020 application round, CDFI program and NACA program financial assistance applicants must be certified CDFIs by the date the notice of funds availability (NOFA) is published in the Federal Register.

Wednesday, September 4, 2019

In a bench opinion, a United States Tax Court judge ruled that investors were bona fide partners in a refined coal production facility and were entitled to tax credits. The decision in Cross Refined Coal, LLC, USA Refined Coal, LLC, Tax Matters Partner v. Commissioner of Internal Revenue concerned whether Cross Refined Coal, LLC was a bona fide partnership and whether the tax credit investors were bona fide partners.

Wednesday, September 4, 2019

The Community Development Financial Institutions (CDFI) Fund today announced the opening of the calendar year (CY) 2019 allocation round of the new markets tax credit (NMTC). Applications are due Oct. 28.

Friday, August 30, 2019

The Community Development Financial Institutions (CDFI) Fund’s community development advisory board will hold a meeting Sept. 23 from 9 a.m. to 3 p.m., according to a notice that will be published in Tuesday’s Federal Register. The meeting will be in the Cash Room at the U.S. Department of Treasury, 1500 Pennsylvania Ave. NW in Washington, D.C. Written statements for the meeting must be submitted by 5 p.m. Sept. 12.

Thursday, August 29, 2019

Issues concerning the low-income housing tax credit (LIHTC), historic tax credit (HTC) and new markets tax credit (NMTC) remain part of the Treasury Department’s 2018-2019 Priority Guidance Plan.

Tuesday, August 27, 2019

The Senate Finance Committee Employment and Community Development Task Force on Temporary Tax Policy today released its report, which included the new markets tax credit (NMTC). While the task force didn’t make a recommendation on extending or making permanent the NMTC, it did make a consensus recommendation to encourage permanent or long-term tax policy.

Thursday, August 1, 2019

The U.S. Senate voted 67-28 Thursday to pass a two-year, $2.7 trillion discretionary budget agreement, sending the legislation to President Donald Trump, who is expected to sign it. The budget deal, which was passed last week by the House of Representatives, would suspend the federal debt ceiling until July 31, 2021, and contains no provisions to extend expired or expiring tax provisions.

Thursday, July 25, 2019

The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.