Today the Treasury Department's blog, "Treasury Notes", chronicles some of the positive press received by the NMTC in newspapers around the country: Last week, the Treasury’s Community Development Financial Institutions Fund announced a new $3.5 billion allocation of New Markets Tax Credits to revitalize low-income and distressed communities. Awarded to 85 different community development entities headquartered across 28 states and the District of Columbia, the tax credits allow these organizations to attract private investment capital to underserved communities across America. In the past, every dollar in tax credits has generated an average of eight private investment dollars for projects like manufacturing plants, retail developments, affordable housing and health centers. Perhaps that’s why last week’s announcement was greeted with excitement across the country. Read their full post.
CDFI Fund Announces Tenth Round of NMTC Allocation Awards Today the CDFI Fund announced the Tenth Round of NMTC Allocation Awards totaling $3.5 billion in allocation. Read their release and browse the award recipients. VIDEO: Donna Gambrell announces awards:
On January 1, 2013, the House of Representatives passed The American Taxpayer Relief Act (H.R. 8), by a vote of 257-167. The package includes extension of New Markets Tax Credits for 2012 and 2013 at $3.5 billion in annual credit authority. This was an important step by Congress to ensure the continued flow of billions in capital to credit-starved businesses in our nation's most distressed urban and rural communities. Read more about the New Markets Tax Credit: NMTC Economic Impact Report NMTC: At Work in Communities Across America
New Markets Tax Credit (NMTC) Economic Impact Report Finds that NMTC Has Generated A Significant Number of Jobs, Expanded State and Local Tax Base in Economically Distressed Areas WASHINGTON, D.C.– A report issued today by a coalition of community development organizations and financial institutions details how an expired federal tax credit, awaiting congressional action, has spurred private investment in economically distressed communities to create over 500,000 jobs, generate over $5.3 billion in federal income tax revenue and over $3 billion in state and local taxes – an amount which more than covers the cost of the program as measured in terms of revenue lost by the federal government – and revitalize communities across the country. “While there is ample data on the New Markets Tax Credit’s (NMTC) track record of…