The Illinois New Markets Development Program provides supplemental funding for investment entities that have been approved for the Federal New Markets Tax Credit (NMTC) program. This program will support small and developing businesses by making capital funds more easily available and will make Illinois more attractive to possible investors.
The NMTC program provides state and federal tax credits to investors that make investments into approved funds, which will make investments in eligible projects located in low income census tracks throughout Illinois.
The program provides non-refundable tax credits to investors in qualifying Community Development Entities (CDE’s) worth 39% of the equity investment made into the CDE over a 7 year credit allowance period.
Information on future allocations and the application form will be provided here at the appropriate time.