Sign Up Today!
Legislation in California would create a state-level new markets tax credit (NMTC) incentive. A.B. 1572, introduced in March, would create a state credit with an annual $100 million cap, for taxable years beginning on or after Jan. 1, 2023, and before Jan. 1, 2028.
The U.S. Department of the Treasury today awarded $1.25 billion COVID-19 relief funding to community development financial institutions (CDFIs) through the CDFI Rapid Response Program (RRP). The awards go to 863 CDFIs to provide necessary capital for CDFIs to respond to the economic challenges from the pandemic, particularly in underserved communities. The CDFI RRP funds will support activities such as financial products, financial services, development services and certain operational activities. The recipients are in 48 states, the District of Columbia, Puerto Rico and Guam.
Nebraska Gov. Pete Ricketts signed legislation that extends the Nebraska New Markets Job Growth Investment Act by allowing a 2021 allocation of $15 million. L.B. 682 authorizes the state credits for properties that receive federal new markets tax credits (NMTCs). The state credits are redeemed by community development entities in Year 3 through Year 7 and qualifying small business may receive a maximum investment of $10 million.
The Community Development Financial Institutions (CDFI) Fund has updated its CDFI transactional level report (TLR) data point guidance, revising select provisions from the September 2020 guidance. The specific revisions relate to CDFI loan participations, which no longer preclude loan participations made on different dates. The CDFI Fund updated the guidance, based on the possibility that the “same date” instruction could lead to confusion.
The White House today released a summary, fact sheet and Greenbook on President Joe Biden’s proposed $6 trillion budget for fiscal year 2022. Of this amount, the Biden administration requests $1.67 trillion in discretionary spending, $754 billion for defense and $913 billion for nondefense, the first such request where nondefense exceeded defense in recent history.
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today published a statement that extends for 36 months the period for favorable Community Reinvestment Act (CRA) regulation consideration for bank activities that help revitalize or stabilize disaster areas in Puerto Rico and the U.S. Virgin Islands hit by Hurricane Maria. The extension now lasts through Sept. 20, 2023, and applies to institutions located outside of the areas.
The Community Development Financial Institutions (CDFI) Fund today released a request for information on its upcoming procurement of a contractor to lead an effort to increase new markets tax credit (NMTC) investment in NMTC Native Areas.
A bipartisan group of eight U.S. senators, as well as two members of the House of Representatives, introduced legislation today that would require $500 million in new markets tax credits (NMTCs) to be allocated to “rural job zones” in 2022 and 2023. The Rural Jobs Act defines those zones as low-income communities with a population of less than 50,000 that are not adjacent to an urban area.
The Office of the Comptroller of the Currency (OCC) today announced that it will reconsider its final rule to modernize the agency’s regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement, in OCC Bulletin 2021-24, says the OCC will continue to implement certain provisions that had a compliance date of Oct. 1, 2020. OCC issued the final rule after stakeholders provided more than 7,500 comments–most of them in opposition to the final rule.
Sen. John Hoeven, R-North Dakota, and Sen. Ron Wyden, D-Oregon, this week reintroduced the Move America Act to bring billions of dollars to grow and repair infrastructure through an expansion of private activity bonds and the creation of an infrastructure tax credit. S. 1403 would allocate Move America Bonds to states, based on population size. The legislation would allow smaller states the ability to trade in some or all of their bond allocation for federal tax credits at a 25% exchange rate
Four U.S. Senators today introduced legislation to create tax incentives for small businesses that add employees or investment. Sen. Ron Wyden, D-Oregon, Sen. Ben Cardin, D-Maryland, Sen. Maggie Hassan, D-New Hampshire, and Sen.
Legislation to create a state-level new markets tax credit (NMTC) incentive in Connecticut was introduced in the state General Assembly. S.B. 1108 would create a 100% NMTC for qualified low-income community investments (QLICIs) in nonprofit organizations in 2022 and 2023. The annual statewide cap would be $10 million and the transaction cap would be the lesser of $2 million or 40% of the eligible costs. The credit would be for 10% of the eligible investment for the first two years and 16% for each of the next five years.
President Joe Biden released a $1.5 trillion federal spending outline for fiscal year 2022 today, a discretionary funding request that includes $68.7 billion for the U.S. Department of Housing and Urban Development (HUD), an increase of 15% over 2021 levels. The outline also requests $330 million for the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, a 21% increase from 2021 levels.
The Urban Institute released a brief report about the nation’s housing supply shortage, calling for “policymakers … [to] expand the Low-Income Housing Tax Credit [LIHTC], Section 142 tax-exempt bonds for the development of rental housing, and the New Market Tax Credit [NMTC], each of which has proven effective in promoting development in underserved communities.”
Legislation introduced in the Louisiana House of Representatives would repeal the state low-income housing tax credit (LIHTC) and reduce the state new markets jobs act credit and historic tax credit (HTC) by 50% each. H.B. 454 includes the repeal of 12 tax credits and the reduction by 50% of 45 other credits.
The Biden administration today released a fact sheet on its $2.25 trillion infrastructure proposal.
Mississippi Gov. Tate Reeves signed legislation extending the state’s new markets tax credit (NMTC) incentive by three years. H.B. 499 sets a sunset date of July 1, 2024, but makes no other changes to the state NMTC incentive, which has an annual cap of $15 million and a transaction cap of $10 million.
The Community Development Financial Institutions (CDFI) Fund today announced that it is extending the deadline to submit annual certification and data collection reports and compliance reports for organizations with a reporting deadline between March 28-31. Those reports are now due April 30. The deadline is extended to provide CDFIs with additional time to apply for assistance open through the CDFI Program, Native CDFI Assistance Program, CDFI Rapid Response program and the Emergency Capital Investment program.
Legislation in the Mississippi House of Representatives would extend the sunset date of the state new markets tax credit incentive by three years, to July 1, 2024. H.B. 499 would make no other changes to the state NMTC incentive, which has an annual cap of $15 million, a transaction cap of $10 million and is set to expire July 1, 2021. Another bill in the state legislature would extend the cap by one year, through July 1, 2022.
The Community Development Financial Institutions (CDFI) Fund will publish in Thursday’s Federal Register a notice of guarantee availability for the CDFI Bond Guarantee Program for fiscal year 2021. The CDFI Fund will make up to $500 million available to support CDFI lending for eligible community and economic development purposes, including rental housing, rural infrastructure, daycare centers, charter schools, health care facilities, nonprofits, commercial real estate and more.
- 1 of 20
- next ›