Skip to main content

U.S. Treasury announces New Markets Tax Credit (NMTC) awards

NMTC awards for both the 2024 and 2025 calendar year rounds

Download PDF
Share
DECEMBER 29, 2025

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) fund on December 23, 2025, announced New Markets Tax Credit (NMTC) awards for both the 2024 and 2025 calendar year rounds.

The Treasury Department also announced reforms to focus NMTC awards on community revitalization and ensure NMTC awardees’ compliance with federal anti-discrimination laws.

According to the CDFI announcement, the NMTC awards reflect a 20% increase in investments in rural and non-metro communities, which will help expand rural hospitals, strengthen small businesses, build domestic manufacturing capacity, and support job creation.

Read the list of awards in the NMTC program award book CY 2024-2025

Background

The NMTC program encourages private sector investment in distressed communities by offering a tax credit to those who make qualified equity investments (QEIs) in community development entities (CDEs), which then invest in businesses in low-income areas. The tax credit amounts to 39% of the investment, claimed over seven years.


For more information, contact a tax professional in KPMG Washington National Tax:

Vish Amin | vamin@kpmg.com

Julie Chapel | jchapel@kpmg.com

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.

KPMG. Make the Difference.


Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

© 2026 KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.
All fields with an asterisk (*) are required.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's . Privacy Statement

An error occurred.

Job seekers

Visit our careers section or search our jobs database.

Search now!

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Submit

Office locations

View locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Learn more

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Contact

Headline