Bill > S0098

This bill, concerning the New Markets Development Program, revises the limits on tax credits that qualified community development entities can claim. Specifically, it increases the total cumulative amount of qualified investments that can result in tax credit claims from $163.8 million to $263.8 million throughout the program's existence, and it also raises the annual limit for tax credits that can be claimed in a single state fiscal year from $33.6 million to $53.6 million. Importantly, any unused tax credits that a taxpayer might be able to use in future years are not counted towards these annual limits. The New Markets Development Program aims to encourage investment in businesses located in low-income communities, and these changes are intended to allow for greater participation and investment under the program.