Investing in a low-income community? New Markets Tax Credit
Your business may be eligible for funding through a new markets tax credit if your business is located in a community or area where
Banks, credit unions and other financial institutions are excluded.
You can submit your project for consideration to a Certified Development Enterprise (CDE). If it is approved, the CDE will raise
funds from other businesses interested in investing in low income communities and provide them a 39% tax credit over 7 years. The funds
will be used for a loan to you at more favorable terms that are usually available.
Click here to find a list of CDE organizations who are authorized
to process New Markets Tax Credit applications.
- the median income level is less than 80% of the area or the statewide median;
- 50%+ of your gross income comes from that location;
- a "substantial portion" (40%-50%) of your tangible property and activities are located in a low-income community.