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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
HB 586 Community Development Act.
Introduced by: Robert D. Hull | all patrons ... notes | add to my profiles
SUMMARY:
Community Development Act. Creates the Community Development Act to encourage investment by business firms in nonprofit community development organizations offering a source of capital to impoverished persons or areas for the purpose of enhancing economic development and opportunities for employment and entrepreneurship. Qualified business firms shall be entitled to a tax credit in an amount equal to (i) 50 percent of the total amount of investment made, in the form of a grant to a qualified community development organization or (ii) 10 percent of the total amount of (a) the proceeds of a loan made to a qualifying community development organization, or (b) the return on an equity investment in a qualifying community development organization. The program shall be administered by the Department of Housing and Community Development.
FULL TEXT
HISTORY
- 01/25/94 House: Presented and ordered printed
- 01/25/94 House: Referred to Committee on Finance
- 02/09/94 House: Assigned to Finance sub-committee: 2
- 02/11/94 House: Continued to 1995 in Finance (21-Y 0-N)
- 12/20/94 House: No action taken by Finance by voice vote