There are many differences between New Market Tax Credits and other tax credits, and they can often be combined to turbocharge the NMTC benefit.
Unlike low income housing tax credits or the historic tax credit, the New Markets Tax Credit (NMTC) is not based on the cost of the facility. Instead, it is based on the amount of money invested in a community development entity which, in turn, makes an investment in worthy projects in poor areas, which may include renewable energy projects. The fundamental purpose of the NMTC is to encourage investment in poorer communities by giving the investor tax credits to improve its return on relatively riskier investments.
Daniel J. Kolodner
Klein Hornig LLP
- Partner in Klein Hornig LLP’s Boston, Massachusetts office
- Concentrates his practice on community development finance, specifically the use of tax incentives as means for financing community revitalization projects, with a focus on new markets tax credits and historic tax credits
- Extensive experience in structuring transactions involving the use of new markets tax credits, historic tax credits and low income housing tax credits, as well as associated state tax credits
- Practice focuses on assisting developers and tax-exempt entities, such as health centers, charter schools and theatres, in taking advantage of new markets tax credits and historic tax credits
- Frequently speaks at national and local conferences on the topic of historic tax credits and new market tax credits, as well as other federal, state and local tax incentives
- Recent guest lecturer on new markets tax credits and historic tax credits at the MIT Center for Real Estate in Cambridge, Massachusetts
- Can be contacted at 617-224-0617 or [email protected]
Nicholas J. Ratti
- Principal in CohnReznick LLP’s (formerly Reznick Group PC) real estate consulting practice in Boston, Massachusetts
- More than 10 years of experience in the tax credit industry
- Currently responsible for developing and evaluating transaction structures, providing tax compliance advice, evaluating tax credit recapture or tax-loss reallocation issues, strategizing post compliance period exits and providing syndication advisory services
- Extensive experience structuring a wide range of low-income housing, historic and new market tax credit transactions for his developer and investor clients
- Prior to joining CohnReznick LLP, he held positions as an accountant for Fidelity Investments and as a senior accountant for Ziner Kennedy and Lehan, both based in Boston
- B.S. degree in accounting and finance, Providence College
- Can be contacted at 617-648-1405 or [email protected]
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