HB4636 amends the New Markets Development Program Act to adjust tax credit caps and modify the certification process for qualified equity investments.
HB4636 amends the New Markets Development Program Act by adjusting the annual cap on tax credits for qualified equity investments. The cap is set at $20,000,000 for fiscal years beginning before July 1, 2023, and $25,000,000 for fiscal years beginning on or after July 1, 2023. The cap increases to $37,000,000 for fiscal years beginning on or after July 1, 2029. The bill also modifies the certification process for qualified equity investments, including the order of certification for applications received on the same day and the conditions under which certifications lapse.
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