About New Markets Tax Credits and Vermont Rural Ventures
The U.S. Treasury’s New Markets Tax Credit program (NMTC), which began in 2000, is designed to spur economic development activity in economically disadvantaged communities throughout the country. These low-income communities often have good, viable business and economic development opportunities, but have no access to capital. The NMTC addresses this capital gap by providing the incentive of a Federal tax credit to individuals or corporations that invest in a Community Development Entity (CDE).
Vermont Rural Ventures (VRV) is a qualified CDE operated by Housing Vermont. VRV uses NMTC resources to support investment in the economic, environmental, and social well-being of Vermont communities. NMTC funds are used to retain and create jobs and essential goods and services for Vermonters by financing key community developments in downtown and village centers and in other concerted community efforts that demonstrate positive impacts on Vermont’s economic, health care, energy and food systems.
New Markets Checklist
Criteria for NMTC Projects
- Project is located in a Qualified Low-Income Census Tract
- Project has high community impact
- Total project cost exceeds $3.0 million
- At least 20% of income from the completed project will come from commercial use (nonresidential)
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Vermont Rural Ventures provided a New Markets Tax Credit (NMTC) investment for the $22.2MM expansion of Chroma Technology Corporation in Bellows Falls.