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1996 SESSION

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HB 868 Community Development Act; created.

Introduced by: Jean W. Cunningham | 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.


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