Establishes the Maryland New Markets Development Program to provide tax credits for equity investments in low-income community businesses.
The bill establishes the Maryland New Markets Development Program, administered by the Department of Housing and Community Development. It authorizes a credit against the State insurance premium receipts tax and certain State insurance retaliatory taxes, fees, charges, and penalties for certain equity investments in community development entities. The credit is available for investments made in qualified active low-income community businesses.
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