Bill > H0515

This bill revises the limitations on qualified investments that can be approved by the Department of Economic Opportunity (DEO) under the New Markets Development Program, which aims to encourage investment in businesses located in economically distressed areas. Specifically, it increases the total amount of tax credits that can be claimed throughout the program's existence from $163.8 million to $263.8 million, and it also raises the annual limit for tax credits from $33.6 million to $53.6 million in a single state fiscal year, while clarifying that any unused tax credits that a taxpayer can carry forward to future years will not count towards this annual limit.