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Proposed Changes Announced to New Markets Tax Credit Program to Promote Greater Investment in Operating Businesseshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=70Proposed Changes Announced to New Markets Tax Credit Program to Promote Greater Investment in Operating Businesses<p>​In an effort to promote greater investment in non-real estate businesses located in low-income communities through the New Markets Tax Credit Program (NMTC Program), the Internal Revenue Service (IRS) is publishing a notice of proposed rulemaking in the Federal Register tomorrow, June 7, 2011. A public hearing on the proposed regulations will be held September 29, 2011.</p><p>Comments on the notice of proposed rulemaking must be received by September 8, 2011.</p><p>In addition, the IRS will also publish tomorrow an advance notice of proposed rulemaking, inviting the public to comment on other potential changes to the NMTC Program to support greater investment in non-real estate operating businesses. Potential changes to the tax credit include revising reinvestment requirements for entities investing in operating businesses, streamlining compliance requirements, and modifying ownership rules to reduce noncompliance risk over the course of an investment, among others.</p><p>Comments on the advance notice of proposed rulemaking must be received by September 6, 2011.</p><p>These proposed changes to the NMTC Program are an outgrowth of efforts began by the Treasury Department last year with the convening of a round table discussion. At the round table, several NMTC Program recipients discussed needed enhancements to spur job creation and economic revitalization in low-income communities.<br><br>Links:<br><br>Treasury/IRS Press Release<br><a href="/Documents/Notice%20of%20proposed%20rulemaking_IRS_NMTC_2011-13978_060711.pdf">Notice of proposed rulemaking and notice of public hearing</a><br><a href="/Documents/Advance%20Notice_IRS_NMTC_2011-13981_060711.pdf">Advance notice of proposed rulemaking</a></p>2011-06-06T04:00:00ZPress Releases70

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