The final regulations on the New Markets Tax Credit issued recently by the Internal Revenue Service include a tax credit to investors who make qualified equity investments in "community development entities," effective Dec. 22.As privately managed investment tools, CDEs are required to invest in low-income communities most of the proceeds generated by qualified equity investments. The final regulations amend temporary requirements that expired on Dec. 23. (Regulations were initially extended in December 2001 and again in March 2004.) The IRS maintains that a taxpayer making an equity investment in a qualified CDE that has received a New Markets Tax Credit allocation "may claim a 5% tax credit with respect to the qualified equity investment on each of the first 3 credit allowance dates and a 6% tax credit with respect to the qualified equity investment on each of the remaining 4 credit allowance dates."
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23 -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23