Learn about the types of projects that may qualify for New Markets Tax Credit financing and why it is preferable to conventional options.
In low-income communities across the United States, the COVID-19 pandemic has wreaked havoc in areas already suffering from long-term unemployment and lack of economic growth. The New Markets Tax Credit, codified in Section 45D of the Internal Revenue Code, was enacted with bipartisan support in 2001 and recently extended for an additional five years under the Consolidated Appropriations Act as a way to combat job loss and encourage investment in low-income communities. This material will show how the use of the New Markets Tax Credit is especially appropriate in the current economic climate and will discuss how projects utilizing New Markets Tax Credits result in a subsidy to the borrower of approximately 20% or more.
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Agenda
Why NMTCs Over Conventional Loans?
Which Projects Qualify? How Do Projects Qualify?
- Section 45D and the Consolidated Appropriations Act
- Types of Projects That Qualify
- Sin Businesses and Farming
- Residential Rental Property and MixedUse Developments
- Census Tracts
- Severely Distressed
- Secondary Criteria
- Targeted Populations
- Who Are the Other Players?
- How Does the Application Process Work?
- How Many Entities Receive Awards?
Where Does the Rest of the Capital Stack Come From and What Is an Example of How We Structure It?
- Various Loans
- Source Loan
- Leverage Loan
- QLICI Loans
- Structuring a New Markets Tax Credit Transaction
- For Profits
- Nonprofits
- QuasiGovernmental Entities
- Example Structure Chart
- What Is the Compliance Period and What Happens When It Is Over?
Playing Nice With Other Types of Tax Incentives
- USDA
- Historic Tax Credits
- State Tax Credits
- Bonds
- Energy Credits
How Can NMTCs Help in COVID-19 Affected Low-Income Communities?
- What Are Some Groups That Historically Have Not Benefited From NMTCs?
- Tribes
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Credits
OnDemand Course
This course was last revised on April 28, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Julia Fendler
Butler Snow LLP
- Practice is focused on public finance, tax credits, governmental finance, and opportunity zones
- Served as QALICB Counsel in closing numerous tax credit projects
- Counsel in a New Markets Tax Credit transaction for the construction and development of a new health care clinic for a federally qualified health care center located in Fort Worth, Texas; counsel in a New Markets Tax Credit transaction for the construction and development of cancer lodge facility in Jackson, Mississippi; counsel in a New Markets Tax Credit transaction for the construction and development of a health care facility and community center located in Portland, Oregon; counsel in a New Markets Tax Credit transaction for the expansion and equipping of a soybean processing facility located in Sidon, Mississippi, which utilized Federal and Mississippi NMTCs; special counsel for the construction of a Ronald McDonald House located in Fort Worth, Texas, which utilized Federal NMTCs; counsel in a New Markets Tax Credit transaction for the acquisition, construction, and equipping of a manufacturing plant facility located in Springdale, Arkansas
- Awarded the Tax Credits Attorney of the Year in Louisiana by Corporate International Magazine
- Bar admissions include Louisiana and Texas; associations include Texas Young Lawyers, Texas Bar Association, Louisiana Bar Association, American Bar Association, New Markets Tax Credits Working Group, and New Orleans Bar Association
- Author and speaker, “The New Markets Tax Credit: A powerful economic force for low-income people and communities,” Texas Bar CLE Advanced Real Estate Law, July 13, 2017
- J.D. degree, Louisiana State University; B.A. degree in history, University of Delaware, honors program, National Society of Collegiate Scholars, Omicron Delta Kappa, Golden Key International Honor Society and Phi Alpha Theta, National History Honors Society
- Can be contacted at 504-299-7759 or [email protected]
A. Ann Hered
Butler Snow LLP
- Experienced public finance attorney with a focus in New Markets Tax Credits and bonds
- Practice areas and industry teams include government finance, public finance, tax credits, and taxation of businesses
- Bar admissions include Colorado, New York, and California
- Member of the American Bar Association
- J.D. degree, cum laude, Cornell University; LL.M in taxation, University of Denver; LL.M. in trade regulation, New York University; B.A. in economics and policy studies, Rice University
- Can be contacted at [email protected] or 720-330-2351
Thane R. Hodson
Butler Snow LLP
- Assists clients with structuring new markets tax credits financings, including upper-tier lending arrangements, direct and indirect credit enhancement of lower-tier borrowing arrangements, and lower-tier equity financing
- Practice areas and industry teams include governmental finance, hospital and healthcare finance, public finance, tax credits, and taxation of businesses
- Bar admissions include Colorado, Kansas, and U.S. Tax Court
- Member of the American Bar Association, Colorado Bar Association, and Kansas Bar Association
- J.D. degree, Washburn University; LL.M. degree in taxation, Georgetown University; B.A. in political science, cum laude, University of Kansas
- Can be contacted at [email protected] or 720-330-2350
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