CDVCA submitted comments to the Department of Treasury regarding the Program Application of the CDFI Fund.
- – May 2012 comments, submitted in response to the solicitation for public comments on March 19, 2012.
Read about our work at the 2012 Annual Conference here.
CDVCA is a strong advocate for regulatory reform that would make the New Markets Tax Credit (NMTC) more usable for investments in operating businesses, particularly for growth capital equity investments in rapidly growing companies of the type commonly made by venture capital funds. While the NMTC was originally intended to serve this purpose, certain mechanical problems with the way in which the NMTC operates make it virtually impossible to use the credit for true venture capital investing.
CDVCA submitted three sets of comments, as well as in-person testimony to the Department of Treasury and IRS, as follows:
- – September 6, 2011 comments, submitted in response to notice REG-114206-11 in the Federal Register.
- – September 8, 2011 comments, submitted in response to notice REG-101826-11 in the Federal Register.
- – In-person testimony given by CDVCA President, Kerwin Tesdell, on September 6, 2011 to attorneys at the Department of the Treasury and the Internal Revenue Service.
- – February 6, 2012 comments, submitted in response to a notice in the Federal Register, dated November 7, 2011.