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New Markets Tax Credits (NMTC)

New Markets Tax Credits (NMTC)

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Published by: dscosson on Nov 02, 2009
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05/26/2011

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CITY COUNCIL
MEMQIPANDUM
Mayor and City Council
FROM:
DATE:
I
SUBJECT:
New Markets Tax Credits (NMTC)Attached are two presentations to facilitate a discussion on New Markets Tax Credits (NMTC)at the Committee of the Whole meeting November 2, 2009. One is prepared by Mr. RichardMiller of Angel1 Edwards Dodge
&
Palmer, LLP, Special Counsel, hired by the City.Theother is prepared by Mr. Ed Gray, Executive Director of Capital Trust Agency
-
CommunityDevelopment Entity, the agency allocating the NMTCs.
a
 
Vince
 
Whibbs
 
Sr.
 
Community
 
Maritime
 
Park
 
&
 
Vice
 
Admiral
 
John
 
H.
 
Fetterman
 
State
 
of 
 
Florida
 
Maritime
 
Museum
 
and
 
Research
 
Center
October 
 
 2009
 
New
 
Markets
 
Tax
 
Credit
 
Program
Enacted
 
on
 
December
 
21,
 
2000
Creates
 
a
 
tax
 
credit
 
for
 
equity 
 
investments
 
in
 
Community 
 
Development
 
Entities
Community 
 
Development
 
Entities
(
CDEs
)
 
must
 
use
 
Substantially 
 
 All
 
of 
 
the
 
proceeds
 
from
 
the
 
Qualified
 
Equity 
 
Investments
(
QEIs
)
 
to
 
make
 
the
 
Loan
 
into
 
the
 
Qualified
 
Business
 
located
 
in
 
Low
Income
 
Communities.

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