NMTC Leaders Applaud 5-Year Extension of Community Development Tax Credit

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FOR IMMEDIATE RELEASE NMTC Leaders Applaud 5-Year Extension of Community  Development Tax Credit WASHINGTON, D.C.—Late last night, Congressional leaders and the White House came to an agreement on a tax extender deal, which includes permanency for a few provisions and two- to five-year extension for other expired or expiring tax credits. The New Markets Tax Credit (NMTC) received a long-term extension of five years (2015-2019) at its current level $3.5 billion annually. UPDATE: Congress passed the PATH Act and extended the NMTC for five years. “The federal New Markets Tax Credit has achieved great results since its implementation, creating nearly 750,000 jobs in economically distressed rural and urban communities and leveraging almost $75 billion in capital for businesses, and community services and facilities,” said Bob Rapoza, spokesperson for the NMTC…
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Baucus/Camp Road Show Heads to Philly Where the NMTC has Made a Significant Impact

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Senator Baucus and Representative Camp have announced their tax reform “road show” is rolling on to Philadelphia. During their last stop, the two Members of Congress who chair the committees tasked with writing tax reform legislation visited a 125-year-old family business that had received New Markets Tax Credit (NMTC) financing. While the businesses they plan to visit on this stop were not financed by the NMTC, it seems a fitting time to discuss the significant impact the Credit has had in struggling neighborhoods in Philadelphia as well as distressed communities throughout Pennsylvania. [caption id="attachment_4733" align="alignright" width="287"] Download the Pennsylvania NMTC Fact Sheet[/caption] The NMTC is a flexible financial tool that encourages private investment in community development in distressed urban neighborhoods and rural communities. The result? Struggling communities experience much-needed economic…
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CityLink Center opens in Cincinnati to combat poverty

CityLink Center opens in Cincinnati to combat poverty

NMTC Success Stories
[caption id="attachment_2062" align="alignright" width="255"] Kathy Schwab and Matt Josephs of LISC at CityLink Center's November 13th grand opening. Photo by Pamela K. Taylor.[/caption] Cincinnati, OH – On November 13th, Cincinnati leaders gathered for the grand opening of the CityLink Center, a comprehensive social services mall which was built with the help of New Markets Tax Credits. While the bulk of the funding for CityLink came from private donations, a critical construction financing gap of over $2.7 million was filled through NMTC program. The Local Initiatives Support Corporation of Greater Cincinnati and Northern Kentucky leveraged its NMTC allocation to raise capital from PNC Bank in support of the 76,000 square-foot facility. This partnership not only bridged the construction gap, but also established a firm financial foundation for the CityLink Center, eliminated cash…
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Camp and Tiberi plan review of tax extenders in April

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Reps. Tiberi (R-OH) and Camp (R-MI) plan to hold a hearing to review individual tax extenders (including the New Markets Tax Credit) in April. The Hill has a story, and you can read their release below: Camp, Tiberi: Review of “Extenders” to Start in April Washington, DC – Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Select Revenue Measures Subcommittee Chairman Pat Tiberi (R-OH) issued the following statement: “Far too many provisions in the tax code are temporary, making it hard for employers to plan, invest and create new jobs for American families. That is one reason why we are committed to comprehensive tax reform. An important part of comprehensive reform is to conduct a thorough review of the various targeted provisions in the Code commonly referred to…
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NMTC Morning Update – Senate Colloquy on the Tax Extenders

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Yesterday, Senators Reid (D-NV), McConnell (R-KY), and Baucus (D-MT) engaged in a colloquy on the Senate floor where they expressed their support for action on the tax extenders. Senator Hatch (R-UT) also asked for written comments to be appended to the record. The friendly exchange followed a rare moment of bipartisan comity with the passage of the surface transportation bill (S. 1813) by a substantial margin of 74-22. On Tuesday, tax extender provisions were included in several amendments to the bill, but those amendments were ultimately voted down. Read the entire exchange.
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NMTC Morning Update – Extension amendment, CDFI Fund updates, and more

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Today, the Senate will vote on an amendment to the surface transportation bill (S. 1813) that includes an extension of the NMTC. Senator Pat Roberts (R-KS) is offering the amendment, which renews many of the tax provisions that expired in 2011 including the NMTC, the R&D credit, and state and local sales tax deductions. It also includes provisions relating to the Keystone pipeline and a federal pay freeze. [Amendment text] The CDFI Fund plans to update its program eligibility criteria based on recently released data from the 2006-2010 American Community Survey. The release of tables detailing NMTC census tract eligibility is tentatively scheduled for May. [CDFI Fund news release] CDFI Fund Director Donna Gambrell's remarks at the CDFI Coalition Conference in Washington, DC on Wednesday, March 7, 2012. [CDFI Fund…
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