All News

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.

Friday, July 19, 2019

Rep. Denny Heck, D-Wash., and nine other members of the House of Representatives introduced legislation that if enacted would direct the Community Development Financial Institutions (CDFI) Fund to perform outreach to underserved low-income communities and to encourage investment in Indian country through the New Markets Tax Credit (NMTC) program. The Aiding Development of Vital Assets in Native Communities and Environments Act of 2019 (H.R.

Thursday, July 18, 2019

The New Markets Tax Credit (NMTC) Coalition today released its annual report on the NMTC, which includes a survey of community development entities (CDEs). The “New Markets Tax Credit Progress Report” says that the surveyed CDEs used $3.2 billion in NMTC allocation in 2018 to finance 286 developments in 48 states, Puerto Rico and the District of Columbia, with $61 billion in investment to low-income communities.

Friday, June 28, 2019

The Rural Jobs Act was introduced Thursday in the House and Senate to authorize an additional $500 million in annual new markets tax credit (NMTC) allocation for 2019 and 2020 that would go to rural job zones.

Thursday, June 27, 2019

The Kentucky Department of Revenue announced this week that $5 million in 2019 state new markets tax credit (NMTC) allocation authority is available for approval beginning with applications submitted on or after July 15. Applications received before July 15 will be recorded as received July 15. The Kentucky NMTC can be claimed against corporation income tax, individual income tax, limited liability entity tax and insurance premiums tax.

Tuesday, June 25, 2019

The Community Development Financial Institutions (CDFI) Fund today opened the fiscal year 2019 funding round for the Capital Magnet Fund (CMF). Through the CMF, the CDFI Fund makes awards to CDFIs and qualified nonprofit housing organizations to finance affordable housing activities, related economic development activities and community service facilities.