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April 14, 2015 Article 1 min read

Are you planning to build a new facility or expand an existing facility? If it’s located in a distressed/low-income area, you may be able to take advantage of the New Markets Tax Credit (NMTC) program to fund as much as 15-to-20 percent of your project costs.

Optimal candidates will spend at least $5 million to $7 million (including new furniture, fixtures, and equipment), creating a significant number of jobs and/or generating a significant positive impact on a surrounding low-income community.

 To be considered for this year's program, clients and prospects must complete a set of steps before the federal government announces its next round of NMTC awards in May. In anticipation of this announcement, Plante Moran has teamed up with JPMorgan Chase to co-sponsor two informational seminars for potential NMTC candidates:

  • Fort Wayne, Indiana: TBD
  • Detroit: May 8, 8-10 a.m.

Over the past several years, Plante Moran has assisted nearly 100 clients in closing NMTC transactions to generate approximately $200 million in net benefit. These clients span regions and industries.

If you’re unsure of whether your project may qualify for NMTCs, or would like to know more about the process, please contact us.