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CDFI fund releases NMTC QandA
WASHINGTON (4/21/10)--Following the opening of its 2010 round of the New Markets Tax Credit (NMTC) program on April 7, the Community Development Financial Institutions (CDFI) Fund released a series of questions and answers. Credit unions are among those eligible to participate in the NMTC, which seeks to spur the investment of new private sector capital into low-income communities by permitting individual or corporate taxpayers to receive a credit against federal income taxes for making Qualified Equity Investments. Those investments must be made in designated Community Development Entities. Organizations that have received credits through the NMTC program, which has been given $5 billion in tax credit authority for 2010, have raised $15.8 billion in equity investments since the program began in 2002, the CDFI recently said. The Q&A covers the basics of the NMTC program, including who may apply for the tax credits and how they may apply for those credits, and also addresses more complex issues such as whether organizations that focus on urban markets and do not intend to invest in non-metropolitan counties will be disadvantaged in the 2010 NMTC application round. A number of more detailed topics are also covered by the Q&A. For the full Q&A, use the resource link.
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