Bill > H2464

This bill directs the Joint Committee on Economic Development and Emerging Technologies to study the potential benefits of creating a New Markets Tax Credit program in Massachusetts, similar to the existing federal program. This program, known as NMTC (New Markets Tax Credit), is designed to encourage investment in low-income communities by offering tax credits to investors. The study will examine how such a program could help community development entities provide loans and investments to businesses in these areas, ultimately aiming to create or preserve jobs, support services for residents, and bring other positive impacts to Massachusetts' low-income communities. The committee will also review the success of similar programs in other states, which have reportedly created hundreds of thousands of jobs and generated significant tax revenue, and assess how a Massachusetts NMTC program could attract private investment and foster economic development within the state's underserved areas, with the study to be completed by July 1, 2015.