The U.S. Treasury Department has announced $5 billion in New Markets Tax Credit (NMTC) awards. The NMTC Program allows taxpayers to receive a nonrefundable tax credit against federal income tax for making equity investments in Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments or financial counseling in low-income urban and rural communities. The award recipients are headquartered in 35 states and the District of Columbia. They’ll make nearly $1 billion in NMTC investments in nonmetropolitan counties.
For more information on the NMTC: