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New Markets Tax Credit Connection - First Quarter 2015


First Quarter - 2015

Demand for NMTC Allocation Drives Positive Changes in the Industry

It is no secret that demand for New Markets Tax Credit (NMTC) Allocation is incredibly high. Over the life of the NMTC program, only about 28% of the hundreds of applicants each round actually receive an award. This demand has allowed the Community Development Financial Institutions (CDFI) Fund, the branch of the Treasury that administers the NMTC program, to utilize the application process to affect positive changes to the way the NMTC industry works in practice.

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CDFI Fund Releases Eagerly Awaited Compliance Guidance

The questions in the CDFI’s recently released NMTC Compliance Frequently Asked Questions document address a range of issues including Treasury Directive (TD) 9600, the definition of a non-real estate versus real estate-qualified active low-income community business, and what to do when a subsidiary community development entity’s compliance period has ended. The previous version of the document was released in September 2011 - and therefore, the NMTC community was eager for an update. Accordingly, of the 71 total questions, 27 have been added this year, or significantly modified since the previous version. This article highlights some key developments contained within the new document.

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A NMTC Extension Bill – Additional Efforts Are Needed

The Markets Tax Credit Extension Act of 2015 (H.R. 855) is similar to last year’s Gerlach/Neal legislation. It would permanently extend the NMTC, increase the annual allocation authority to around $5 billion, and index annual allocation to inflation in subsequent years. The legislation would also provide Alternative Minimum Tax (AMT) relief for NMTC investments, thereby ensuring NMTC investors receive the same consideration under the AMT as is currently provided to investors in many other federal tax credit programs. Learn more about tax reform efforts in this article.

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CohnReznick's 2015 New Markets Tax Credit Summit: Fresh Insight and Practical Acumen

CohnReznick’ upcoming 2015 NMTC Summit, taking place May 11 – 13, returns to the spectacular Loews Hotel in the heart of South Beach – and once again, the NMTC industry’s best and brightest will be on hand to share fresh insight and first-hand experiences. Hosted by CohnReznick's NMTC Industry Practice leaders, we will be presenting and discussing the key strategies, trends, legislative issues, and future of the NMTC program in light of Washington’s ongoing call for comprehensive tax reform.

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Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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