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What do New Markets Tax Credits ( NMTC ) 1 mean to a qualifying project? Here are a few thoughts: (i) a project, which has acquired traditional debt, invested its own equity, and secured additional incentives, but still falls short of its total financing needs, can make up the gap by accepting a capital injection that does not require repayment; (ii) the opportunity to gain access to non-conventional financing, with lower than market fixed interest rates, higher loan-to-value ratio and lower debt service coverage, with seven years of interest-only payments; and (iii) low cost capital for impactful projects that benefit economically distressed communities which can provide a ....
United States: How do you spell relief? C-A-A After months of partisan bickering and Senate inaction, Congress finally passed another round of COVID-19 relief legislation as part of the Consolidated Appropriations Act, 2021, P.L. 116-260, (“CAA”), which was signed into law on December 27, 2020. We provide a summary of the tax-related CAA provisions and key modifications to the Paycheck Protection Program (“PPP”), before discussing President Biden’s tax agenda for 2021. The CAA’s tax provisions focus primarily on providing economic relief to taxpayers by expanding provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and renewing extenders. - In brief ....
To embed, copy and paste the code into your website or blog: The massive Consolidated Appropriations Act, 2021 (the “Act”), providing year-end COVID-19 relief, was signed into law by President Trump on Sunday, December 27, 2020. Among other changes, the Act extends and makes clarifying amendments to certain relief provisions in the CARES Act that was passed in March 2020. This high-level advisory focuses primarily on the changes to the Paycheck Protection Program, key real estate provisions, and the federal income tax provisions directed at assistance for businesses, nonprofits, and their employees. PPP Loan Program Extended and Expanded – Second Round Funding Available The Act provides $284 billion for loans under the Paycheck Protection Program to new and repeat borrowers who can certify need due to the effects of COVID-19. The covered period for obtaining loans under the program has been extended from the prior deadline of December 31, 2020, under the CARES A ....
Share: WASHINGTON, Dec. 10, 2020 /PRNewswire/ Tax policy trends and plans for 2021 were the focus as the New Markets Tax Credit (NMTC) Coalition held its annual NMTC Conference yesterday. The event, held virtually for the first time, saw record attendance and featured several members of Congress, former Clinton and Obama officials and the CDFI Fund Director as keynote speakers and marked the 20 th Anniversary of the law establishing the New Markets Tax Credit (NMTC). The Community Renewal Tax Relief Act was signed into law by President Bill Clinton on December 21, 2000. The conference also included insights from NMTC experts and featured the release of a new report, ....