JCT Report Highlights NMTC infrastructure Investment

Yesterday, the Joint Committee on Taxation released “OVERVIEW OF SELECTED PROVISIONS AND OPTIONS RELATING TO FUNDING AND FINANCING INFRASTRUCTURE INVESTMENTS.” The report highlights tax provisions employed for the financing of infrastructure. With the help of CDFI Fund data, the committee was able to identify 171 infrastructure projects financed by the NMTC totaling over $2 billion.

Below, we’ve highlighed a few examples.

Ports and Freight

Industrial waterfront property and long-neglected ports are often the most distressed and environmentally contaminated areas of an urban core. Municipal governments and Port Authorities have used the NMTC for brownfield remediation and to rejuvenate ports, freight terminals, and fishing docks.

Lyon Shipyard

Lyon Shipyard
Project City:
Norfolk
Project State:
VA
Project Year:
2006
The Norfolk Ship Repair & Drydock Company (NSDC) is located in the South Brambleton Redevelopment Area of Norfolk, VA. The company was once a leader in the ship repair industry, ...
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Ag Processing Grain Terminal

Ag Processing Grain Terminal
Project City:
Aberdeen
Project State:
WA
Project Year:
2011
Ag Processing Inc. (AGP) has successfully completed the development of an integrated grain and oilseed storage and export facility at Terminal 2 of the Port of Grays Harbor in Aberdeen, ...
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Toledo Port Expansion

Toledo Port Expansion
Project City:
Toledo
Project State:
OH
Project Year:
2012
Finance Fund has awarded a total of $15.36 million in federal and state New Markets Tax Credit (NMTC) financing to Ironville Improvement, LLC., a subsidiary of Midwest Terminals of Toledo, ...
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Broadband

Many rural communities still lack access to high-speed broadband connections. Increasingly, the NMTC has been used to finance broadband expansions into underserved and remote rural areas.

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