NMTC Program
E10940
The NMTC Program is a U.S. federal initiative that incentivizes private investment in low-income communities by offering tax credits to investors in qualified community development projects.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
community development finance program
ⓘ
federal tax credit program ⓘ |
| administeredBy |
Community Development Financial Institutions Fund
ⓘ
United States Department of the Treasury ⓘ
surface form:
U.S. Department of the Treasury
|
| appliesTo | federal income tax liability ⓘ |
| benefits | federal income tax credits to investors ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| createdBy |
United States Congress
ⓘ
surface form:
U.S. Congress
|
| creditSchedule |
5 percent of the investment in each of the first 3 years
ⓘ
6 percent of the investment in each of the final 4 years ⓘ |
| eligibleInvestor |
individual investors
ⓘ
private corporations ⓘ |
| eligibleProject | qualified active low-income community businesses ⓘ |
| focusesOn |
business financing in low-income communities
ⓘ
community facilities in low-income communities ⓘ real estate projects in low-income communities ⓘ |
| fullName | New Markets Tax Credit Program ⓘ |
| fundingSource | federal government ⓘ |
| geographicScope | national ⓘ |
| intendedOutcome |
increased access to capital in underserved markets
ⓘ
job creation in low-income communities ⓘ revitalization of distressed neighborhoods ⓘ |
| legalAuthority | Community Renewal Tax Relief Act of 2000 ⓘ |
| mechanism | allocation of tax credit authority to community development entities ⓘ |
| oversightBy | Internal Revenue Service ⓘ |
| policyType | place-based economic development incentive ⓘ |
| primaryBeneficiaries |
community development entities
ⓘ
low-income communities ⓘ private investors ⓘ |
| programType | public-private partnership ⓘ |
| purpose |
incentivize private investment in low-income communities
ⓘ
stimulate economic growth in distressed areas ⓘ support community development projects ⓘ |
| relatedTo |
Community Development Financial Institutions Fund programs
ⓘ
Low-Income Housing Tax Credit ⓘ Opportunity Zones incentive ⓘ |
| requires |
allocation application by Community Development Entities
ⓘ
investment through certified Community Development Entities ⓘ |
| sector |
community development finance
ⓘ
tax policy ⓘ |
| startYear | 2000 ⓘ |
| supports |
qualified equity investments
ⓘ
qualified low-income community investments ⓘ |
| targetArea |
distressed census tracts
ⓘ
low-income communities ⓘ |
| taxCreditPeriod | 7 years ⓘ |
| taxCreditRate | 39 percent of the qualified equity investment ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.