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.
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.
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.
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.
Legislation to increase the amount of qualified equity investments (QEI) allowed by Nevada’s New Markets Jobs Act was signed by Gov. Steve Sisolak and is now law. A.B. 446 adds $200 million in QEIs after July 2–while the previously authorized $200 million is available before that date. The bill stipulates that any QEI made after July 1, 2019, can’t be used for a credit until July 1, 2021. A.B.
The House Ways and Means Committee will mark up Thursday H.R. 3301, The Taxpayer Certainty and Disaster Tax Relief Act of 2019, legislation that includes extensions through 2020 of numerous expired and expiring tax credits. The bill would extend the new markets tax credit through the end of 2020 with an increase in allocation authority from $3.5 billion to $5 billion for the final allocation round.
A bill to revise Nevada’s New Markets Jobs Act to increase the amount of qualified equity investments (QEI) by $200 million and allow more investment to be eligible for a tax credit passed the state Senate and will now go to Gov. Steve Sisolak’s desk. A.B.
The Community Development Financial Institutions (CDFI) Fund today awarded $3.5 billion in new markets tax credit (NMTC) allocation authority to 73 community development entities (CDEs) under the 2018 allocation round of the NMTC program. The CDFI Fund received applications from 214 CDEs, requesting $14.8 billion in allocation authority.
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.
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