COVID-19-affected investors and businesses involved in New Markets Tax Credit transactions are granted deadline relief. The extension applies to community development entities (CDEs) and qualified active low-income community businesses (QALICBs) working in low-income communities. IRS Notice 2020-49 provides a CDE or QALICB with a deadline extension for certain time-sensitive acts due to be performed on or after April 1, 2020, and before Dec. 31, 2020. These actions include making investments, reinvesting and expending amounts for real estate construction. The deadline for performing these actions is now Dec. 31, 2020. Read the notice: http://bit.ly/3cQzTFe
