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New Markets Tax Credit (NMTC)

A federal tax credit designed to encourage private investment into businesses and development projects in designated low-income communities across the United States.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which governs income, gift, estate, excise, and other federal taxes.

Alternative Minimum Tax (AMT)

A separate income tax calculation that ensures certain high-income individuals and corporations pay at least a minimum amount of tax, even if they have many deductions and credits under the regular tax system.

Qualified equity investments

Investments made by taxpayers into specific financial institutions (Community Development Entities) that are certified to invest in low-income communities, qualifying the taxpayer for the New Markets Tax Credit.

Cost-of-living adjustment

An increase in benefit or payment amounts to keep pace with inflation, typically tied to changes in consumer prices.

Conforming amendment

A change made to a law to make it consistent with another change being made, ensuring all parts of the law work together properly.