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Current News

NMTC Non-Real Estate Investments

Effective September 28, 2012, IRS issued final regulations to incentivize the use of NMTC to provide working capital and equipment loans to non-real estate businesses by modifying the reinvestment requirements.

Updated NMTC Eligible Low-Income Communities

On May 1, 2012, the Community Development Financial Institutions Fund released the updated new markets tax credit eligible census tracts based on the 2006-2010 American Community Survey (ACS) data on income and poverty, and transition rules which generally require use of the ACS data with respect to qualified low-income community investments that close after June 30, 2013. The ACS replaces the decennial census as the source of the applicable data for census tract boundaries, low-income community status, higher distress criteria, and non-metropolitan county status.

Final Targeted Populations Regulations

IRS issued final regulations providing rules for satisfaction of the QALICB requirements for businesses serving low-income targeted populations. The final regulations were issued pursuant to the American Jobs Creation Act of 2004 which expanded the definition of low-income communities to include individuals or groups of individuals who are low-income persons or lack adequate access to loans or equity investments. The final regulations are effective for tax years ending on or after December 5, 2011 and taxpayers can apply the regulations to prior tax years for targeted populations designated as low-income communities after October 22, 2004.

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