A top 20 accounting firm has created a new online tool that makes it easier to determine when investors can qualify for the New Markets Tax Credit (NMTC) Program.
The Reznick Group recently launched its NMTC Interactive Map. This user-friendly map enables you to quickly determine if a location is “Highly Distressed/Qualified,” “Qualified,” or “Unqualified” under the strict eligibility requirements of the NMTC Program.
“Reznick Group’s Internet-based NMTC mapping system is a fast and efficient tool for determining qualified census tract sites nationwide eligible for NMTC financing as well as qualification under many other federal, state, and local government programs,” says Gary Perlow, Regional Managing Principal, National New Markets Tax Credit Practice Group.
The NMTC Program, established in 2000, is designed to revitalize low-income communities throughout the country. It provides tax credits to investors in certified Community Development Entities (CDE). The credit effectively equals 39% of the investment made over a seven-year period.
The Reznick NMTC Interactive Map relies on recent census data, OpenStreetMap graphics, and Google geo-mapping technology. It offers eligibility information for locations in all U.S. states and territories, incorporating data for each of the nearly 32,000 tracts identified in the 2000 U.S. census. According to Damien Enderle, Reznick Group's national director of marketing, the map was visited more than 2,700 times in September alone. (It launched on Sept. 11, 2011.)
This online tool is the latest component of a comprehensive NMTC Program Resource Center available on the Reznick website. The company plans further enhancements.
Tip: View the NMTC Interactive Map at www.reznickgroup.com/NMTC-mapping-tool.
— Adapted from AccountingWEB, Inc., www.accountingweb.com.