The New Markets Tax Credit (NMTC) was created by Congress to address the lack of capital available to business and community development ventures in federally defined defined tracts throughout the country. The census tracts qualify by being designated as either economically distressed or as areas of population loss and outmigration. The NMTC provides the incentive of a 39% federal tax credit to qualifying investors.
Eligible census tracks are based on the 2006-2010 American Community Survey (ACS) data on income and poverty which is being used to determine eligibility.
IADG works closely with the Iowa Community Development and Iowa Business Growth to help market this economic development tool. The attached maps detail qualifying census tracts throughout Iowa.
Call IADG at 800-888-4743 to learn more about Iowa Community Development, Iowa Business Growth and the New Markets Tax Credit program.