SB3067 amends the New Markets Development Program Act to adjust tax credit caps and modify the allocation schedule for qualified equity investments.
SB3067 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 bill also modifies the allocation schedule for qualified equity investments, with specific amounts and dates tied to announcements by the Community Development Financial Institutions Fund.
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