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New Markets Tax Credit is one of Many Credits Expiring at End of Year- What do You Need to Do?

Joseph Coupal - Tuesday, September 13, 2011

...by Warren Kirshenbaum

The Community Renewal Tax Relief Act was passed in 2000. Part of that act is the New Markets Tax Credit, the purpose of which is to spur approximately $15 billion in investments into privately managed investment institutions (CDE) who in turn will make loans and capital investments to businesses in low-income communities.

The New Markets Tax Credit is one of several key business tax breaks that are set to expire at year end unless Congress acts. Businesses should be aware of the expiring tax provision. Businesses interested in investigating or applying for the New Markets Tax Credit should consult with a commercial real estate tax lawyer to determine whether they should take advantage of this tax break  and/or if they need to plan for the expiration of other tax credits which they have previously taken advantage of.

What is New Markets Tax Credit ("NMTC")? A taxpayer who holds a qualified equity investment in a qualified community development entity ("CDE") may be entitled to a NMTC of 39% of the qualified equity investment during a seven-year credit period. Under current law, the last NMTC dollar limitation is for 2011.

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Pittsburgh URA Awarded $35 Million in Development Tax Credits

Joseph Coupal - Monday, February 28, 2011
Pittsburgh URA awarded $35 million in development tax credits

The U.S. Treasury Department has awarded Pittsburgh's Urban Redevelopment Authority $35 million in tax credits to stimulate investment in low-income communities.

The URA was one of 99 applicants to receive the New Market Tax Credits; more than 250 government entities, nonprofits and other groups applied.

The tax credits will go to investors in "Community Development Entities," groups formed to undertake projects in low-income neighborhoods. The cedits are designed to draw private investment into those communities.

"This is great news for Pittsburgh," Mayor Luke Ravenstahl said in a statement. "This award will leverage millions of dollars of investment into businesses and real estate projects to create jobs and promote growth in our neighborhoods."

U.S. Sen. Bob Casey, D-Pa., and Rep. Mike Doyle, D-Forest Hills, supported the URA's application.

By Joe Smydo, Pittsburgh Post-Gazette

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