New Markets Tax Credits

Our interdisciplinary New Markets Tax Credits (NMTC) lawyers help investors, lenders, businesses, real estate developers, nonprofits, and community development entities (CDEs) close transactions that take advantage of federal and state NMTC programs, often in combination with other economic development incentives. Drawing on the skills of attorneys throughout our multi-service law firm, including in our tax, real estate, business, environmental, energy, and government relations practice groups, we ensure that the right mix of lawyers handles every aspect of your NMTC transaction.

Before you begin your next development project, find out how we can help you benefit from federal and state NMTC programs and other economic development incentives that will reduce the overall cost of your project. Our areas of service include:

  • Identifying and securing state and federal NMTC allocation
  • Innovative structuring of tax credit transactions
  • Educating lenders and stakeholders regarding the unique characteristics of an NMTC financing
  • Structuring project financing to maximize incentives
  • Preparing all necessary legal contracts and loan documentation
  • Providing advice on interrelated issues in the areas of tax, energy, environmental, and real estate law
  • Providing all required legal and tax opinions
  • Assisting in all compliance and asset management issues

In addition to our knowledge and experience in NMTC financings Pierce Atwood attorneys offer options for alternative fee arrangements that make it easier for our clients to pursue development projects.



$40M New Markets Tax Credit

Pierce Atwood assisted St. Croix Tissue in adapting to changes in the pulp and paper industry. We helped the mill to secure $130 million in financing for the development of a manufacturing facility, which includes $40 million of New Markets Tax Credit (NMTC) financing.

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Preserving Access to American Art Collections

Located in Rockland, Maine, the Farnsworth Art Museum opened in 1948 and boasts a remarkable collection of over 15,000 objects. By assisting the museum with a combined state and federal new markets tax credit financing, we helped the Farnsworth to secure capital needed for critical repairs and improvements to the building. The NMTC investment has allowed the museum to stay open and continue welcoming more than 100,000 visitors annually.



Investing in Energy Efficiency

State and federal NMTC programs made it possible for our clients Athens Energy and its sister company, Maine Woods Pellet Company, to invest in a $32 million energy facility that burns very low quality biomass to generate heat and electricity for existing facilities.

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New Hampshire Mill Redevelopment

We advised Burgess Biopower on all aspects of financing the redevelopment of a shuttered paper mill into a state-of–the-art 75 MW biomass power plant located in Berlin, New Hampshire, which will burn waste biomass and sell power to the grid.

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NMTC-Based Pooled Loan

We assisted Advantage Capital Partners in organizing and establishing a NMTC-based pooled loan fund under the federal and State of Maine new markets tax credit programs.

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Areas of Expertise

Identifying NMTC Allocation

Many developers and businesses have heard a bit about NMTC financing, but they may not know how to begin and how to secure NMTC allocation in a highly competitive environment. We can help with that process by leveraging our contacts in the NMTC world to find the right CDE(s) and investor for your project.

Combining NMTC and Other Incentives

We have a great deal of experience with many different economic development programs from tax credits to grants to loan guarantees and bond programs. We can help you identify which incentives work for your project and then create a transaction structure that allows you to maximize each benefit.

State NMTC Transactions

State new markets programs have taken on a much greater importance over the last several years. Pierce Atwood has been involved in many state NMTC transactions, whether paired with federal NMTC allocation or on a stand-alone basis. In Maine we have been heavily involved in eight of the ten transactions to close to date.

NMTC Asset Management

We regularly advise our CDE clients on the management of their NMTC assets in a variety of situations from “unwinding” transactions to handling disputes, litigation, foreclosure or bankruptcy. Being a full service collaborative law firm, our tax credit attorneys work with experts in other areas to provide integrated comprehensive solutions.

125 Years