An Act relative to adopting the new market tax credits program for Massachusetts

This bill directs the Joint Committee on Economic Development and Emerging Technologies to study the potential benefits of creating a state-level New Markets Tax Credit program for Massachusetts. The study will examine how such a program could encourage private investment in low-income communities by allowing community development entities to make loans and investments in local businesses. It will also review the success of similar programs in 14 other states and must be completed by July 1, 2024. The legislation does not yet create the tax credit itself but establishes a process to evaluate its feasibility before any further action is taken.