New Markets Tax Credits

  1. Seth Harrop

    Seth Harrop

    JD, CPA


  2. Tyler R. Inda

    Tyler R. Inda



  3. Michael J. Kwiatkowski

    Michael J. Kwiatkowski

    Managing Director

  4. Michael Perrine

    Michael Perrine

    Managing Director

  5. Nate Voss

    Nate Voss

    Senior Managing Director

At a glance

Baker Tilly Capital, LLC

The New Markets Tax Credit (NMTC) program was established to stimulate investment opportunities for not-for-profits, operating businesses and real estate projects located in low-income communities. Community Development Entities (CDEs) apply annually to the U.S. Treasury Department for delegated authority to sell these federal tax credits. The proceeds from that sale are then used to fund investments, typically structured as low interest rate loans, in qualifying businesses or commercial real estate developments.

NMTCs were not designed to be a primary source of funding, but they can be an excellent option to fill a gap in funding for projects that make economic sense. NMTC net proceeds can fund up to 20-25% of a project and are paired with capital campaign proceeds, owner equity, borrowed funds or other available tax credits and incentives.

Our NMTC professionals work closely with owners, developers, community leaders, lenders, investors, and CDEs to optimize a project’s approach to capital while ensuring compliance, mitigating risk and maintaining transparency for key stakeholders.

New Markets Tax Credits map of U.S.
Interactive Map

New Markets Tax Credits (NMTC) mapping tool

Baker Tilly's interactive mapping tool can help you determine if a project is located in a census track that may qualify for NMTCs. 2016-2020 data now available!

By the numbers

Silhouette of Engineer and worker on building site, construction site at sunset in evening time


Identified opportunities for more than 300 clients


Over 45 professionals dedicated to NMTCs


Worked with 100+ CDEs on successful structuring and closing of transactions in excess of $12 billion of allocation nationwide


$10 million to $30 million typically awarded per project

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Camelback Mountains, Arizona
Case study

Pawnee Nation of Oklahoma utilizes NMTCs to construct new behavioral healthcare center

The Baker Tilly Capital team helped Pawnee Nation of Oklahoma pool capital together from various sources to construct their new inpatient and outpatient behavioral health and substance use disorder treatment facility.