DCEO is accepting New Markets Development Program applications for the second round of tax credit allocations from
September 26, 2019 until October 25, 2019 through
the electronic application form. The QEI allocated for round 2 is $43,743,298. File types that are accepted as supporting documentation to upload include pdf, doc, docx, xls, xlsx, jpg, jpeg and png. Based on prior allocation rounds, it is likely that demand will be high, and all credits will be allocated to CDEs that submit their complete applications via the electronic application form on September 26th, 2019.
PLEASE NOTE: You can submit your non-refundable application fee of $5000
here. This needs to be done prior to submitting your application. Please save the confirmation page as a pdf so it can be uploaded as proof of payment.
Program Update September 13, 2019
The Department issued $81,256,702 of QEI in the March 29th, 2019 round ($31,690,114 in tax credits). The Department will begin accepting online applications for the second allocation round of 2019 on September 26th, 2019. The allocation available for the second round is $43,743,298 of QEI ($17,059,886 in tax credits). Based on prior allocation rounds, it is likely that demand will be high, and all credits will be allocated to CDEs that submit their complete applications on September 26th, 2019. The application will require the same information as previous applications, however a hard copy of the application and attachments are no longer required. The Illinois New Markets program will be accepting electronic payments for the application fee through the Illinois E-Pay system.
The Illinois New Markets Development Program (NMDP) provides supplemental funding for investment entities that participate in the Federal New Markets Tax Credit (NMTC) program. The annual allotment of up to $20 million in tax credits helps to finance investments that create jobs and prosperity, revitalizing low-income communities throughout Illinois.
Program Documents and Additional Information
All current program participants must submit an annual report to verify investments to receive the tax credit, which can be found below. Please email the report to ceo.newmarkets@illinois.gov
NMTC Annual Report February 7 2019
Please direct all Illinois New Market Development Program Inquiries to
ceo.newmarkets@illinois.gov