New Markets Tax Credits (NMTC)
The New Markets Tax Credit (NMTC) was designed to increase the flow of capital to businesses and low income communities by providing a modest tax incentive to private investors. The NMTC program attracts capital to low income communities by providing private investors with a federal tax credit for investments made in businesses or economic development projects located in some of the most distressed communities in the nation – census tracts where the individual poverty rate is at least 20 percent or where median family income does not exceed 80 percent of the area median. Projects with total planned capital costs/business investments of at least $2 million work best for NMTC.
A number of areas in Clayton County qualify for New Markets Tax Credits, in order to determine if your project qualifies for NMTC please contact the Economic Development Office of Clayton County.