New Markets Tax Credit Program
(from Vermont Rural Ventures site)
Congress created the New Markets Tax Credit (NMTC) program in 2000 to spur investment of private capital for economic development in both rural and urban low-income communities. Individuals and corporations receive a tax credit against federal income taxes for making investments in certain low-income properties or businesses when those investments are made through a “community development entity” (CDE).
Vermont Rural Ventures (VRV), a qualified CDE operated by Housing Vermont, deploys its New Markets Tax Credit resources to support investment in the economic, environmental, and social well-being of Vermont communities. NMTC funds are used to retain and create jobs for Vermonters by financing key community developments in downtown and village centers and in other concerted community efforts which demonstrate positive impacts on Vermont’s economic, health care, energy and food systems.
Vermont Rural Ventures Projects
The BDCC Facilitated over $13 million in incentives and leveraged over $40 million in private and public funds in 2015 & 2016.
Example Projects:
Community College of Vermont