M&I Bank (MI) to Receive $40 Million in allocation of New Markets Tax Credit From Department of Treasury
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M&I Bank (M&I) announced it received a $40 million allocation of New Markets Tax Credit (NMTC) authority in the latest round of awards from the Department of Treasury.
The federal government's New Markets Tax Credit program will enable M&I to offer below-market interest rates and less expensive loans for the development of office, industrial, retail, residential, and community facilities in Wisconsin, Arizona, Florida, Indiana, Illinois, Kansas, Minnesota, and Missouri.
In 2006, M&I was a recipient of a NMTC allocation and successfully deployed $75 million in tax credits in 2007 throughout M&I's markets. The NMTC 2007 deployment resulted in M&I underwriting 29 loans.
Created by Congress in 2000, NMTC is a federal tax program designed to help spur investment in businesses located in lower-income communities. Investors in the program's Community Development Entities will receive a credit against their federal income taxes over the seven-year period.
M&I Bank is an affiliate of Marshall & Ilsley Corporation (NYSE: MI), a diversified financial services corporation headquartered in Milwaukee, Wis., with $58.5 billion in assets.
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dwolf on Oct 31, 2009 12:20 AMI wish B of A would buy them out