Service Description: Data created from the U.S. Census Tracts and New Markets Tax Credit information. Metadata from both sources below:
On Sept. 1, 2023, the CDFI Fund released updated 2016-2020 American Community Survey (ACS) low-income community (LIC) data for the new markets tax credit (NMTC) incentive. The new data can be used beginning Sept. 1, 2023, with a one-year transition period in which applicants can alternatively choose to use 2011-2015 data. On the last day of its 2000 session, Congress created the New Markets Tax Credit program, part of the Community Renewal Tax Relief Act of 2000, to encourage investment in low-income communities. The program is designed to generate $15 billion in new private sector investments in low-income communities. Qualified Community Development Entities (CDE) will apply to the CDFI Fund for an award of new markets tax credits. The CDE will then seek taxpayers to make Qualifying Equity Investments in the CDE. The CDE will in turn be required to use substantially all of the qualifying equity investments to make qualified low-income community investments (QLICI) in/to qualified active low-income businesses (QALICBs) located in low-income communities. The taxpayer will be eligible to claim a tax credit equal to 5 percent of its equity investment in the CDE for each of the first three years and a 6 percent credit for each of the next four years (39 percent total). The program is designed to allow the CDE to use its local knowledge and expertise to decide what business to invest in or lend to with the funds it raises with the new markets tax credit. Most businesses located in low-income communities could qualify for loans or equity. Typical firms could include: small technology firms, inner-city shopping centers, manufacturers, retail stores or micro-entrepreneurs. Residential rental property does not qualify as a qualified active low-income business.
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Has Versioned Data: false
Max Record Count: 2000
Supported query Formats: JSON
Supports applyEdits with GlobalIds: False
Supports Shared Templates: True
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Description: U.S. Census Tract Boundaries represents the 2020 U.S. Census tracts of the United States in the 50 states and the District of Columbia. Tracts are polygons containing population totals from the 2020 Census.
102100 (3857)
Initial Extent:
XMin: -11807310.1900896
YMin: 3763783.74481625
XMax: -10246981.0631398
YMax: 4711356.38518539
Spatial Reference: 102100 (3857)
Full Extent:
XMin: -19942765.3260505
YMin: 2144424.27930457
XMax: -7462646.56998539
YMax: 11521368.2597333
Spatial Reference: 102100 (3857)
Units: esriMeters
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