Oregon “New Markets Tax Credit” Program: Businesses in Low-Income Areas Should Act Quickly to Take Advantage of Current Financing Opportunities
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.
For more information, please contact the New Markets Tax Credits Practice Group at Lane Powell: