The U.S. Treasury publishes details about a significant new community development program -- the New Markets Tax Credit Program.
By making an equity investment in an eligible "community development entity" (CDE), individual and corporate investors can receive a New Markets Tax Credit worth more than 30 percent of the amount invested over the life of the credit, in present value terms. Eligible CDEs could include for-profit community development financial institutions (CDFIs), for-profit subsidiaries of community development corporations, SBA-licensed New Markets Venture Capital companies, and Specialized Small Business Investment Companies. The Community Development Financial Institutions (CDFI) Fund, U.S.Department of the Treasury, issued guidance today on the New Markets Tax Credit (NMTC) Program. At the same time, the Internal Revenue Service (IRS) issued an Advance Notice ofProposed Rulemaking (ANPRM) on tax issues related to the program. The guidance and the ANPRM will initially be posted on the Treasury Departments website and will be published in theFederal Register the week of April 23, 2001. The guidance includes information on how entities will apply to receive allocations ofNMTCs, the competitive procedure through which allocations will be made and actions thatwill be taken to ensure that proper allocations are made to appropriate entities. The guidanceseeks comment from the public.
Thanks to National Congress for Community Economic Development
FULL STORY: CDFI Fund Issues Guidance on New Markets Tax Credit Program

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