Handbook > Infrastructure> Economic Development >
New Market Tax Credits
| Program Description: |
$1.5 Billion increase in New Markets Tax Credit (NMTC) for 2008 & 2009. The NMTC Program stimulates economic and community development and job creation in low income communities by attracting investment capital from the private sector by providing tax credits to investors who make “qualified equity investments” in investment vehicles called Community Development Entities (CDEs).
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| Federal Agency: |
Treasury/Community Development Financial Institutions Fund (CDFI)
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| Agency Website: |
www.ustreas.gov http://www.cdfifund.gov/
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| National Total: |
$5 billion for 2008 and $5 billion for 2009
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| New York State Total: |
No prescribed state apportionment. NMTC allocations are determined by US Treasury upon application by qualified Community Development Entities. The additional 2009 amount must be allocated to qualified CDEs that submitted an allocation application with respect to calendar year 2008 and either: did not receive an allocation for such calendar year, or, received a calendar year 2008 allocation in an amount less than the amount originally requested.
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| Entities Eligible to Apply: |
Certified Development Entities
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| Flow of Funds: |
NMTC allocations are awarded directly to certified CDEs
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| Obligation Deadline: |
Program scheduled to expire in 2009.
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| Reporting Requirements: |
None
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| State Agency: |
Empire State Development
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| State Agency Website: |
www.recovery.ny.gov www.empire.state.ny.us
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| State Agency Technical Contact: |
Christopher Walsh
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| Additional Information: |
Use this form to request additional information. |
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