The U.S. Department of the Treasury’s Community Development Financial Institutions Fund is soliciting comments on the New Markets Tax Credit Program.
Input is sought to increase effectiveness, while reducing cost and burden on program participants. This request is part of an ongoing effort. The request for comments was published Nov. 7 in the Federal Register.
The NMTC Program was authorized by the Community Renewal Tax Relief Act of 2000 (Public Law 106-554) on Dec. 15, 2000. It has been extended and amended since initial authorization. The NMTC Program is jointly administered by the CDFI Fund and the Internal Revenue Service.
The NMTC Program was established to spur new or increased investments into operating businesses and real estate projects located in low-income communities. It attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities.
Written comments should be received on or before Feb. 6 . Comments will become a matter of public record. They may be sent by mail to: Bob Ibanez, manager, NMTC Program, CDFI Fund, U.S. Department of the Treasury, 601 Thirteenth St. NW, Suite 200 South, Washington, D.C. 20005; by email to [email protected]; or by fax at (202) 622-7754.