New Markets Tax Credits

The New Markets Tax Credit (NMTC) program originated in the Community Renewal Tax Relief Act of 2000, which added Section 45D, New Markets Tax Credit, to the Internal Revenue Code.

Code Section 45D permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). The credit provided to the taxpayer is equal to 39 percent of the cost of the investment and is claimed over a seven-year credit allowance period. Although this tax credit program is still in its infancy, it promises to be a useful source of financing for community and economic development in low-income areas throughout the country. Our areas of focus in this service area include all aspects of the NMTC program.

Representative Clients

Representative Experience

  • Represented a logistics company in connection with state NMTCs
  • Represented a college foundation in connection with a $33,000,000 NMTC loan from multiple CDEs to finance a college facility and conference center 
  • Represented a community development foundation in connection with a $17,000,000 NMTC loan to finance a health and wellness center 
  • Represented a tax-exempt community organization in connection with a $14,000,000 NMTC loan to finance a youth education and fitness center in Indianapolis, Indiana 
  • Represented a tax-exempt nonprofit corporation in connection with a $12,000,000 NMTC loan to finance the acquisition and substantial rehabilitation of a new public television and radio station headquarters/studio in South Bend, Indiana
  • Represented a tax-exempt nonprofit corporation in connection with a $20,200,000 NMTC loan to finance the acquisition and substantial rehabilitation of a new public television and radio station headquarters/studio in Indianapolis, Indiana
  • Represented a tax-exempt health care network in connection with a $25,000,000 NMTC loan to finance a health care-related facility in Indianapolis
  • Represented a tax-exempt charter school foundation in connection with a $4,000,000 NMTC loan to finance a charter school facility in Colorado

NEWS

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Professionals

Name Position Phone Email
Michael Buker Senior Counsel 317-236-2172
Brenda S. Horn Partner 317-236-2370
Michael J. Melliere Partner 614-462-2232
Kristopher ("Kip") Wahlers Partner 614-462-1074
Christopher J. Magill Economic Development Director 614-462-1141
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