summary
Introduced
01/29/2026
01/29/2026
In Committee
02/10/2026
02/10/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the New Markets Development Program Act. Provides that a credit under the Act may be transferred to an affiliate. Provides that the cap on credits is $37,000,000 for fiscal years beginning on or after July 1, 2029. Makes changes concerning the allocation schedule. Effective immediately.
AI Summary
This bill amends the New Markets Development Program Act to allow tax credits, which are financial incentives offered by the government, to be transferred to an "affiliate," meaning a related company or organization. It also increases the annual cap on these tax credits from $25,000,000 to $37,000,000 for fiscal years beginning on or after July 1, 2029, and adjusts the schedule for when these credits can be allocated, introducing new allocation rounds in 2027 and 2029, and extending the program's sunset provision from fiscal year 2031 to 2037. The bill takes effect immediately upon becoming law.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Added as Co-Sponsor Sen. Javier L. Cervantes (on 03/10/2026)
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