The Florida House of Representatives introduced legislation that would alter the state’s New Markets Development Program. The measure, House Bill 1229, passed both the Transportation & Economic Development Appropriations Committee and the Economic Development Policy Committee. The bill would revise the definition of a qualified active low-income business to match the federal NMTC program’s definition of the same term, along with other changes to make the state program more parallel to the federal. The change would not affect the program’s current allocations. The measure also has Senate companion legislation (Senate Bill 2426), which has been reported out of the Commerce Committee, Community Affairs Committee and Finance and Tax Committee.
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