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Contact our New Markets Tax Credit Attorneys:

Sherry S. Landry


Gary J. Elkins

F. Paul Simoneaux

 

 

The New Markets Tax Credit program provides significant financial assistance in the form of below-market debt and/or equity to qualifying businesses and developments located within qualified low-income census tracts. Elkins, P.L.C. has been actively involved in the federal and the Louisiana New Markets Tax Credit programs since their respective adoptions in 2000 and 2002, representing tax credit investors, leveraged lenders, community development entities and qualified active low-income community businesses. The federal New Markets Tax Credit program offers federal income tax credits of thirty-nine percent, and the Louisiana New Markets Tax Credit program offers state income tax credits of up to twenty-five percent, of qualified equity investments for commercial investments in low-income communities. In the aftermath of Hurricane Katrina, and with $1 billion of New Markets Tax Credits being specially allocated to the Gulf Opportunity Zone, the firm has been in the forefront of the redevelopment effort utilizing New Markets Tax Credits in conjunction with other federal, state and local financial incentives. As is the case in many other areas, the firm maintains a national practice, as special counsel, in this field of law.

Recent representative projects include a mixed-use development in Richmond, Virginia, which combined federal and state New Markets Tax Credits with federal and state Historic Rehabilitation Tax Credits; a university student center in New Orleans, Louisiana, which combined federal and state New Markets Tax Credits; a retail drugstore in New Orleans, Louisiana which combined federal and state New Markets Tax Credits with GO Zone Tax Exempt Bonds; a surgical center that combined federal and state New Markets Tax Credits with Historic Rehabilitation Tax Credits, a primate research center expansion in Covington, Louisiana which combined federal and state New Markets Tax Credits; an expansion of the National World War II Museum in New Orleans, Louisiana, which combined federal and state New Markets Tax Credits; the rehabilitation of a historic New Orleans hotel, which combined federal and state New Markets Tax Credits with federal and state Historic Rehabilitation Tax Credits; and three start-up tech businesses in Baton Rouge, Louisiana, which combined federal and state New Markets Tax Credits.

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