NEW MARKETS DEVELOPMENT
Summary
Creates the New Markets Development Program Act. Defines terms. Provides that taxpayers that make a qualified equity investment earn a vested right to certain tax credits against income, franchise, and insurance premium taxes. Credits are not transferable. Sets annual caps on credits. Provides for recapture. Authorizes the Department of Commerce and Economic Opportunity to promulgate rules. Sunsets after fiscal year 2012 unless reauthorized by the General Assembly. Contains other provisions. Effective immediately.
Bill status
failed
3 of 5 stages cleared
Introduction
Apr 2008
Committee Review
May 2008
House Passage
Apr 2008
Senate Passage
Governor
Introduced Apr 3, 2008
Last action Jan 13, 2009
Floor votes · House Apr 2, 2008
How they voted
105–0
Passed · 10 other
Total votes 115
Apr 2, 2008
D
Democratic64
92% Yea
R
Republican51
90% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
23
Key actions
1
Committee
6
Amendments
2
Jan 13, 2009
House · Failed
Session Sine Die
May 15, 2008
Senate · Reported by committee
Rule 2-10 Committee Deadline Established As May 22, 2008; Substantive House Bills Out of Committee
Apr 16, 2008
Senate · Referred to committee
Referred to Rules
Apr 3, 2008
Senate · Introduced
Arrive in Senate
Apr 2, 2008
House · Passed
House Vote: pass (105-0-10)
Mar 13, 2008
House · Reported by committee
Do Pass as Amended / Short Debate Revenue Committee; 012-000-000
Mar 13, 2008
House · Amendment adopted
House Committee Amendment No. 1 Adopted in Revenue Committee; by Voice Vote
Mar 13, 2008
House · Amendment offered
House Committee Amendment No. 1 Filed with Clerk by Revenue Committee
Mar 13, 2008
House · Reported by committee
Recommends Do Pass Subcommittee/ Revenue Committee; 003-000-000
Mar 3, 2008
House · Referred to committee
Assigned to Revenue Committee
Feb 6, 2008
House · Referred to committee
Referred to Rules Committee
0 primary · 2 co-sponsors
Sponsors
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