Oregon “New Markets Tax Credit” Program: Businesses in Low-Income Areas Should Act Quickly to Take Advantage of Current Financing Opportunities

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The Oregon Low Income Community Jobs Initiative, commonly known as the Oregon New Markets Tax Credit (“NMTC”) program, is a financing tool that can provide an additional $500,000 or more of net benefits to qualifying business projects in low-income areas. There is a relatively short time frame for deployment of the tax credit allocations, which means that the next few months should be an active time for tax credit investors, community development entities (“CDEs”) allocation holders and low-income community businesses. Business owners who are interested in pursuing NMTC financing opportunities should reach out to knowledgeable professionals as soon as possible. The complexity of NMTC transactions can be daunting, but this tool should be considered for projects that need additional capital to fill financing gaps.

Oregon’s NMTC program was established in 2011 and is supervised by Business Oregon. The Oregon program is based on the federal NMTC program, under which certified CDEs apply to a branch of the U.S. Treasury Department for authority to allocate federal tax credits to investors in qualifying projects. Any CDE that has received tax credit allocation authority from the Treasury Department and has a service area that includes Oregon is eligible to apply to Business Oregon for authority to allocate Oregon credits under the Oregon NMTC program.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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