Title: New Markets Development Program

Summary: Revises limitations on qualified investments that may be approved by DEO under the New Markets Development Program.

Full Text:
An act relating to the New Markets Development Program; amending s. 288.9914, F.S.; revising limitations on qualified investments that may be approved by the Department of Economic Opportunity under the program; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Paragraph (c) of subsection (3) of section 288.9914, Florida Statutes, is amen ded to read: 288.9914 Certification of qualified investments; investment issuance reporting.-(3) REVIEW.-(c) The department may not approve a cumulative amount of qualified investments that may result in the claim of more than $263.8 $163.8 million in tax credits during the existence of the program or more than $53.6 $33.6 million in tax credits in a single state fiscal year. However, the potential for a taxpayer to carry forward an unused tax credit may not be considered in calculating the annual limit. Section 2. This act shall take effect July 1, 2013.