Greenberg Traurig's Tampa Office will host the Community Hospitality Healthcare Services for the New Markets Tax Credit presentation. Area non-profit organizations, healthcare organizations, local planning and development agencies, developers, and workforce training organizations will assemble along with congressional staffers to learn about this incentive.
The New Markets Tax Credit (NMTC) program was a product of the bipartisan legislation enacted in the Community Renewal Tax Relief Act of 2000. The program uses tax incentives to attract private capital investments in both urban and rural low-income areas of the United States. The idea behind the NMTC legislation was that there are good business opportunities in low-income communities, but the cost and scarcity of capital in these ‘New Markets’ is a substantial impediment to spurring economic growth. To date in the 15 rounds of the program, the CDFI Fund has made 1,178 allocation awards totaling $57.5 billion of NMTC’s have been awarded through Community Development Entities (CDE). CDEs compete in the application process for annual allocations of New Markets Tax Credits. Once a CDE receives an award allocation it then acts as a financial intermediary which the capital investment flows through from the NMTC investor to the Qualified Active Low-Income Community Business (QALICB). NMTC investments have financed a wide variety of operating businesses and real estate projects, including manufacturers, health care and child care providers, charter schools, supermarkets, and alternative energy companies. To date, the NMTC program has been one of the U.S. government's most efficient job creators devised.
• Panelist Introductions