Introduced in late-December 2011 and passed by the Business and Consumer Affairs Subcommittee in early January, Florida House Bill 1119 increases the total amount of tax credits available to be allocated for the New Markets Development Program from $97.5 million to $195 million. In addition, the legislation increases the number of years that a qualified community development entity is prohibited from making cash interest payments in excess of their operating income on long term debt securities issued as qualified investments from 6 years to 7 years.
NH&RA will be presenting a case study at our upcoming Winter New Markets Tax Credit Symposium, February 22 at the Breakers Hotel in Palm Beach that explores combining Federal and State New Markets Tax Credits in Florida.
To read Florida House Bill 1119, click here.
