Kentucky HB835 amends the New Markets Development Program tax credit, adjusting fees and investment requirements.

Kentucky HB835 modifies the New Markets Development Program tax credit by introducing a refundable performance fee for qualified equity investments, set at 0.5% of the investment amount. The bill mandates that qualified community development entities must reinvest a specific percentage of their investments in low-income community businesses within a set timeframe. It also outlines conditions under which the Kentucky Department of Revenue may recapture tax credits, such as failure to meet investment requirements or premature redemption of investments.

Kentucky HB835 amends the New Markets Development Program tax credit, adjusting fees and investment requirements.

Kentucky HB835 modifies the New Markets Development Program tax credit by introducing a refundable performance fee for qualified equity investments, set at 0.5% of the investment amount. The bill mandates that qualified community development entities must reinvest a specific percentage of their investments in low-income community businesses within a set timeframe. It also outlines conditions under which the Kentucky Department of Revenue may recapture tax credits, such as failure to meet investment requirements or premature redemption of investments.