Bill Title: Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community Development Financial Institutions Fund of the United States Department of the Treasury announces allocation awards under a Notice of Funding Availability that was published in the Federal Register on November 22, 2022, $250,000,000 of qualified equity investments for the primary allocation and $150,000,000 of qualified equity investments for the targeted allocation shall be allocated by the Department. Makes other changes. Defines terms. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB2484 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Jay Hoffman [D]	Primary	Sponsored Bills	HD-113	FollowTheMoney	Ballotpedia	VoteSmart
Representative Norine Hammond [R]	Cosponsor	Sponsored Bills	HD-094	FollowTheMoney	Ballotpedia	VoteSmart
Representative Elizabeth Hernandez [D]	Cosponsor	Sponsored Bills	HD-002	FollowTheMoney	Ballotpedia	VoteSmart
Representative Michael Marron [R]	Cosponsor	Sponsored Bills	HD-104	FollowTheMoney	Ballotpedia	VoteSmart

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