State Briefs
By Caitlin Jones
1 min read
Tax Credit Advisor, July 2009:
Florida Governor Signs NMTC Bill
Florida Gov. Charlie Crist (R) has signed into law a bill (HB 485) that creates a Florida state new markets tax credit, patterned after the federal new markets credit.
The act, effective 7/1/09, establishes a New Markets Development Program through 12/31/22 with a 39% state credit taken by investors over a six-year period. (For details, see Tax Credit Advisor, June 2009, p. 25.)
New York Senate Passes Tax Credit Bill
The New York State Senate on 5/27/09 unanimously passed a bill (S.2960-B) that would strengthen the state’s existing tax credit for rehabilitation of historic commercial buildings.
For commercial rehabilitations, the bill would raise the credit percentage to 20% from 6%; raise the credit cap to $5 million from $100,000; make the credit transferable; and limit the credit to distressed areas. The Assembly passed a different bill (A.9023) on 6/23/09.
