Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., today formed five task forces to examine expired and expiring tax extenders. The task forces will cover workforce and community development, health taxes, energy, business cost recovery and individual excise taxes and other temporary policies. There will be a sixth task force for related issues of temporary disaster tax relief.
The Community Development Financial Institutions (CDFI) Fund plans to publish a notice of funding and an application for the fiscal year 2019 Capital Magnet Fund (CMF) round this summer. Up to $130.8 million is expected to be available in grants for CDFIs and qualified nonprofit housing organizations to support affordable housing activities and related economic development and community service facilities. Applicants must be either a certified CDFI or nonprofit operating with a principal purpose of developing or managing affordable housing.
Legislation introduced in Nevada would revise the state’s new markets tax credit. A.B. 446 would allow a community development entity (CDE) to make a qualified low-income community investment jointly with another CDE, including with money from investments made in a CDE for which the entity received tax credits.
The Treasury Department’s second-quarter update to the 2018-2019 Priority Guidance Plan includes plans to provide guidance for the low-income housing tax credit average-income test, the use of historic tax credit for disaster relief, regulations to clarify certain rules for the new markets tax credit and guidance on private-activity bonds for affordable housing.
A bipartisan group of four U.S. Senators introduced legislation to establish a tax credit and grant program to stimulate investment in healthy options in food deserts. S. 786, the Healthy Food Access for All Americans Act, would create a credit for 15 percent of the basis of a qualified grocery store, 10 percent of renovations or an allocation from the Secretary of Agriculture for special access food providers.
Mississippi Gov. Phil Bryant signed legislation to extend the state New Markets Tax Credit program until July 1, 2021. S.B. 2598 extends the sunset for the state program by 18 months.
The Community Development Financial Institutions (CDFI) Fund today released the annual report on its activities. '18 A Year of Investment reports that the CDFI Fund provided roughly $3.5 billion in new markets tax credit allocations as well as $345 million in awards and loans and $150 million in bond guarantees.
The Community Development Financial Institutions Fund today provided an updated frequently asked questions (FAQs) document for compliance with the New Markets Tax Credit (NMTC) program.
Legislation to extend the state New Markets Tax Credit program 18 months has passed both houses of the state Legislature in Mississippi and awaits the signature of Gov. Phil Bryant. S.B. 2598 would extend the program until July 1, 2021. It currently is set to expire Jan. 1, 2020. Bryant has until Thursday to veto the bill. If he signs it or takes no action, it becomes law.
Legislation was introduced in both the House of Representatives and the U.S. Senate today to reauthorize and make permanent the new markets tax credit (NMTC). The New Markets Tax Credit Extension Act of 2019 would also include an inflation adjustment to the annual NMTC allocation authority and the ability to offset the alternative minimum tax. H.R. 1680 was introduced by Reps.
The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.
A bill introduced in the California Assembly would create a state New Markets Tax Credit (NMTC) program that largely mirrors the federal program, but with a $100 million cap in qualified equity investments per calendar year. AB 1259 would define qualified low-income community businesses as those with 250 or fewer employees and would exclude charter schools. The NMTC program would begin Jan. 1, 2020, and expire Dec. 1, 2025.
Reps. Earl Blumenauer, D-Ore., and Jackie Walorski, R-Ind., yesterday introduced the Move America Act of 2019 (H.R. 1508) to spur investment in infrastructure improvements through Move America Bonds and Move America Credits. The bill would expand tax-exempt private activity bonds for infrastructure and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. Sens.
The Community Development Financial Institutions (CDFI) Fund will publish a notice in the Federal Register Monday, delaying the application deadline for the CDFI Bond Guarantee program until March 26. The previous deadline was Feb. 26. The notice also moves the deadline for the qualified issuer applications from Feb. 19 to March 19.
Kentucky state Rep. John Blanton this week introduced the Kentucky Rural Jobs Act, which is modeled after the federal New Markets Tax Credit program and complementary to the federal opportunity zones incentive. HB203 would provide tax credits for investments in rural counties and federal opportunity zones across Kentucky, with an annual cap of $35 million.
The Community Development Financial Institutions Fund today awarded 38 organizations $142.9 million through the fiscal year 2018 round of the Capital Magnet Fund (CMF). This financing will support the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.
The Community Development Financial Institutions (CDFI) Fund today announced that the allocation awards announcement for the calendar year (CY) 2018 round of the new markets tax credit (NMTC) is delayed until spring 2019, due to the recent government shutdown.
The Community Development Financial Institutions (CDFI) Fund last week notified certain community development entities (CDEs) that couldn’t submit the their fiscal year (FY) 2017 institution level report (ILR) and transaction level report (TLR) before the Community Investment Impact System shut down in August that this data has been uploaded into the Awards Management Information System (AMIS). Allocatees that received this notice must review and formally submit their FY 2017 TLR, FY 2017 CDE ILR and QEI loan source data via AMIS by Feb. 25.
The Kentucky Department of Revenue has revised and updated regulations for its new markets development program credit (NMDPC), with an application acceptance date of on or after July 15. Any application received before July 15 will be recorded as July 15. The Kentucky NMDPC has an annual statewide cap of $5 million and a transaction cap of $10 million.
Jodie Harris, the new director of the Community Development Financial Institutions (CDFI) Fund, today said her organization is assessing the impact of the partial government shutdown and will provide “updates and information in the very near future.” Harris, who became the CDFI Fund director in early January, said CDFI Fund staff is working hard to minimize the effects of the shutdown, but that it will take time to implement a course of action to
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