Bill > H3853

This bill amends the existing law to promote high-impact community investment. The key provisions include: 1) Increasing the cap on the amount of community investment tax credits a single community partner can receive from 2.5% to $50,000 per year, with the possibility of the cap being waived if needed to fully allocate the available credits; 2) Removing the requirement for the Department to determine a community partner's satisfactory progress before providing a subsequent allocation; 3) Gradually increasing the total value of the tax credits authorized under this law from $3 million in 2014 to $12 million annually from 2023 to 2025; and 4) Repealing the existing law after December 31, 2025.

Budget and Finance

https://malegislature.gov/Bills/190/H3853