NewMarketsTaxCredits.com





The New Markets Tax Credit Program was created by Congress to permit taxpayers to receive a tax credit against federal income taxes for making equity investments in Community Development Entities. Substantially all the qualified equity investments must in turn be used by the Community Development Entities in low-income communities.



US Treasury Department - 2008 Applications Received


The Community Development Financial Institutions (CDFI) Fund announced March 14, 2008 that it received a total of 239 applications for the 2008 round of the new markets tax credit (NMTC) program. The CDFI Fund reports that applicants in the sixth round requested an aggregate total of $21,301,795,539 in NTMC allocation authority. A total of $3. 5 billion of allocation authority is available this round. The CDFI Fund anticipates announcing the sixth round of NMTC allocations in October of 2008. Through the first five rounds of the NMTC program, the CDFI Fund has made 294 awards totaling $16 billion in tax credit allocation authority.

For more information, please visit www.cdfifund.gov.

 

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