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Six tutorials coming for New Market Tax Credit participation
WASHINGTON (1/3/08)—The Treasury Department’s Community Development Financial Institution (CDFI) Fund Wednesday announced six upcoming workshops to help those interested in applying for tax credits under the New Market Tax Credit (NMTC) program. The NMTC Program is intended to spur the investment of new private sector capital into low-income communities by permitting individual or corporate taxpayers to receive a credit against federal income taxes for making Qualified Equity Investments (QEIs) in designated Community Development Entities (CDEs). The CDFI Fund allocates the tax credits annually through a competitive application process. The NMTC workshops are slated to address processes for both the application of tax credits and for certification as a CDE. The half-day workshops are planned in the following cities:
* Detroit, Mich., on Jan. 7 at the Sheraton Detroit Riverside Hotel; * Portland, Ore., on Jan. 8 at the Crowne Plaza; * Oklahoma City, Ok., on Jan. 9 at the Sheraton Oklahoma City; * Sioux Falls, S.D., on Jan. 10 at the Holiday Inn Sioux Falls City Centre; * Charleston, W.V., Jan. 15 at The Summit Conference Center ; and * Miami, Fla., on Jan. 18 at the InterContinental Miami.
For interested parties unable to attend a workshop, the CDFI Fund will broadcast a session live via its website on Jan. 16 at 1:00 p.m. (ET). Just last week, the Treasury announced that it had kicked off its sixth round of competition for the NMTC program, making $3.5 billion of equity investments available to qualified credit unions and other applicants.
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