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New Markets Tax Credit:

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Alabama Proposed
Program New Markets Development Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes that has entered into an allocation agreement with the CDFI Fund pursuant to which Alabama is included in the CDE's service area.
Annual State CAP limits 12,000,000
Transaction CAP limits  
What is the credit 50 percent of the taxpayer's equity investment
How is the credit claimed Years 1-4: 8%, Year 5: 7%, Year 6: 6%, and Year 7: 5%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as federal
Recapture

The following events cause recapture: 1) the federal new market tax credits associated with a QEI are recaptured (recapture amount proportionate to the federal recapture); 2) the CDE redeems or makes a principal payment with respect to a QEI prior to the 7th anniversary of a QEI (recapture amount proportionate to the amount of redemption or repayment); and 3) the CDE fails to invest 85% of a QEI within 12 months and maintain such level of investment until the last credit allowance date for such QEI (recapture amount equal to all credits claimed); 12 month reinvestment period permitted.

90 day cure period for recapture after notice from the Department of Revenue.
Other  
Contact  

 

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California Proposed
Program New Markets Tax Credit
Proposed Legislation Click here
CDE Application Process

Same as federal
Annual State CAP limits $50 million
Transaction CAP limits  
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Years 1-3: 5%, Years 4-7: 6%
Credit period (compliance)  
QALICB requirements "Qualified active low-income community business" means, with respect to any taxable year, a corporation, including a nonprofit corporation, or partnership that, for that taxable year, meets all of the following conditions: (i) Derives at least 50 percent of its total gross income from the active conduct of a qualified business in a low-income community. (ii) A substantial portion of the use of the tangible property of the entity, whether owned or leased, is within a low-income community. "Substantial portion" shall be defined as 40 percent or more of the tangible property of the entity. (iii) Less than 5 percent of the average of the aggregate unadjusted base of the property of the entity is attributable to collectibles.
Recapture A "recapture event" shall include any of the following with respect to an equity investment in a qualified community development entity: (1) The qualified community development entity ceases to be a qualified community development entity. (2) The proceeds of the investment cease to be used as required under clause (ii) of subparagraph (A) of paragraph (7) of subdivision (b). (3) The investment is redeemed by a qualified community development entity.
Other  
Contact  

 

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Connecticut
Program Urban and Industrial Sites Reinvestment Tax Credit
Enacting Legislation Click here
CDE Application Process Must submit an application to be registered and shall have its primary place of business in this state
Annual State CAP limits 500,000,000
Transaction CAP limits Amount of investment shall not exceed the greater of: (a) the amount of state revenue that will be generated or (b) the total of state revenue and local revenue generated. The tax credits generated to a single investment can not exceed 100,000,000
What is the credit  
How is the credit claimed Years 1-3: 0%, Years 4-7: 10%, and Year 8-10: 20% 
Credit period (compliance)  
QALICB requirements Investment must be made into an eligible industrial site investment project or an urban reinvestment project, as defined
Recapture Any taxpayer which has claimed credits allowed under this program to an investment where the commissioner has revoked the certificate of eligibility shall be required to recapture such taxpayer's prorate share of the recapture amount, as defined, and no subsequent credit shall be allowed
Other 1) Must submit a report each year by March 1 to the state with transaction data
2) Tax credits can be transferred
Contact

Robert Rigney
Department of Economic and Community Development
(860) 270-8110

 

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Florida
Program New Markets Development Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes and needs to be authorized to serve businesses in Florida. Need to submit an application to the office to approve a proposed investment as a qualified investment. The qualified community development entity must issue the qualified investment in exchange for cash within 60 days after it receives the order approving an investment as a qualified investment, otherwise the order is void.
Annual State CAP limits 20,000,000
Transaction CAP limits A qualified active low income community business may not receive more than 10,000,000 in qualified low income community investments under this program
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Years 1-2: 0%, Year 3: 7%, and Years 4-7: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements

(1) Derives at least 50 percent of its total gross income from the active conduct of business within any low-income community for any taxable year. (2) Uses at least 40 percent of its tangible property, whether owned or leased, within any low income community for any taxable year, which percentage shall be the average value of the tangible property owned or leased and used within a low-income community by the corporation or partnership divided by the average value of the total tangible property owned or leased and used by the corporation or partnership during the taxable year. The value assigned to leased property by the corporation or partnership must be reasonable. (3) Performs at least 40 percent of its services through its employees in a low-income community for any taxable year, which percentage shall be the amount paid by the corporation or partnership for salaries, wages, and benefits to employees in a low-income community divided by the total amount paid by the corporation or partnership for salaries, wages, and benefits during the taxable year. (4) Attributes less than 5 percent of the average of the aggregate unadjusted bases of the property of the entity to collectibles, as defined in 26 U.S.C. s. 408(m)(2), other than collectibles that are held primarily for sale to customers in the ordinary course of the business for any taxable year. (5) Attributes less than 5 percent of the average of the aggregate unadjusted bases of the property of the entity to nonqualified financial property, as defined in 26 U.S.C. s. 1397C(e), for any taxable year. Will create or retain jobs that pay an average wage of at least 115 percent of the federal poverty income guidelines for a family of four.
Recapture The following events cause recapture: 1) all the same events that cause a recapture at the federal level, 2) the Federal new market tax credits get recaptured, 3) the CDE fails to provide the office with information, reports, or documentation required by the New Markets Development Program Act, 4) the office determines that a taxpayer received tax credits to which the taxpayer was not entitled, 5) If the CDE fails to maintain 85% of the QLICIs in the State of Florida, 6) The qualified community development entity fails to invest at least 85 percent of the purchase price in qualified low-income community investments within 12 months after the issuance of a qualified investment or 7) The qualified community development entity fails to maintain 85 percent of the purchase price in qualified low-income community investments until the last credit allowance date for a qualified investment (note that the statute does not include a 6 month cure period for (6) or (7)).

The office shall provide notice to the qualified community development entity and the department of a proposed recapture of a tax credit. The entity shall have 6 months following the receipt of the notice to cure a deficiency identified in the notice and avoid recapture. The office shall issue a final order of recapture if the entity fails to cure a deficiency within the 6-month period. The final order of recapture shall be provided to the entity, the department, and a taxpayer otherwise authorized to claim the tax credit. Only one correction is permitted for each qualified equity investment during the 7-year credit period. Recaptured funds shall be deposited into the General Revenue Fund.
Other

1) Qualified investment into CDE can be an equity investment or a long-term debt security instrument (and in the case of a long-term debt security QI, “a qualified community development entity may not make cash interest payments on a long-term debt security that is a qualified investment in excess of the entity’s operating income for 6 years following the issuance of the security).
2) An insurance company that is subject to the insurance premium tax must apply the tax credit against the insurance premium tax
3) The Florida statute indicates that the Qualified Investment (QEI) is deemed to be state financial assistance and therefore the CDE is subject to the Florida Single Audit Act. The Single Audit Act requires an audit similar to A-133, and includes testing and reporting of compliance and internal controls.

Contact

Karl Blischke
Office of Tourism, Trade and Economic Development
(850) 487-2568

 

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Hawaii Proposed
Program New Markets Tax Credit
Enacting Legislation

Click here

CDE Application Process Same as federal
Annual State CAP limits  
Transaction CAP limits  
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Same as federal
Credit period (compliance)  
QALICB requirements Same as federal requirements
Recapture Same as federal
Other A tax credit under this section that exceeds the taxpayer's net income tax liability may be used as a credit against the taxpayer's income tax liability in subsequent years until exhausted. All claims for a tax credit under this section shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credit may be claimed. Failure to properly and timely claim the credit shall constitute a waiver of the right to claim the credit.
Contact  

 

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Illinois
Program New Markets Development Tax Credit
Enacting Legislation

Click here

CDE Application Process Needs to be a CDE for federal purposes that has entered into an allocation agreement with the CDFI Fund pursuant to which Illinois is included in the CDE's service area. Need to submit an application to the IL Department of Commerce and Economic Opportunity (DCEO) to approve a proposed investment as a qualified equity investment.       Must issue QEI within 30 days of DCEO approval, and must provide evidence of DCEO of receipt of cash investment within 10 days of QEI issuance.
Annual State CAP limits Approved QEIs are limited so that no more than $10,000,000 of credits may be claimed in any fiscal year.
Transaction CAP limits A qualified active low income community business may not receive more than 10,000,000 in qualified low income community investments under this program
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Years 1-2: 0%, Year 3: 7%, and Years 4-7: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as federal requirements, except as noted below
Recapture The following events cause recapture: 1) the Federal new market tax credits associated with a QEI are recaptured (recapture amount proportionate to the federal recapture); 2) the CDE redeems or makes a principal payment with respect to a QEI prior to the 7th anniversary of a QEI (recapture amount proportionate to the amount of redemption or repayment); and 3) the CDE fails to invest 85% of a QEI within 12 months and maintain such level of investment until the last credit allowance date for such QEI (recapture amount equal to all credits claimed); 12 month reinvestment period permitted.
 
90 day cure period for recapture after notice from DCEO.
Other 1) Qualified investment into CDE can be an equity investment or a long-term debt security instrument (minimum 7 year term, no acceleration, amortization, or prepayment features, but no limitation on acceleration for default on covenants designed to ensure compliance with IL NMTC Act or Section 45D).
2) An insurance company that is subject to the insurance premium tax and claims the credit against the insurance premium tax is not require to pay any additional retaliatory tax imposed pursuant to the Illinois Insurance Code.
3) Any business that derives or expects to derive 15% or more of its annual revenue from the rental or sale of real estate is not considered a QALICB, except this restriction does not apply to a business that is controlled by or under common control with another business if the second business (i) does not derive or expects to derive 15% or more of its annual revenue from the rental or sale of real estate, and (ii) is the primary tenant of the real estate leased from the initial business.
4) Can be used irrespective of use of Federal NMTCs in same transaction
5) Credit is not refundable or saleable on the open market; may be allocated through pass-through entities.
6) 5 year carry forward permitted if credit cannot be used in a taxable year. 
Contact Justin Lee
Department of Commerce and Economic Opportunity
(312) 814-5769

 

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Indiana Proposed
Program New Markets Job Growth Credit
Enacting Legislation

Click here

CDE Application Process Needs to be a CDE for federal purposes that has entered into an allocation agreement with the CDFI Fund pursuant to which Indiana is included in the CDE's service area.
Annual State CAP limits Approved QEIs are limited so that no more than $20,000,000 of credits may be claimed in any fiscal year.
Transaction CAP limits With respect to any one (1) qualified active low income community business, the maximum amount of qualified low income community investments made in the business, on a collective basis with all of its affiliates, is $10,000,000, whether issued to one (1) or several qualified community development entities.
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Years 1-2: 0%, Year 3: 7%, and Years 4-7: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as federal requirements
Recapture Sec. 20. Subject to section 22 of this chapter, the corporation shall recapture the tax credit allowed under this chapter from a taxpayer that claimed the credit on a tax return, if: (1) any amount of the federal tax credit available with respect to a qualified equity investment that is eligible for a tax credit under this section is recaptured under Section 45D of the Internal Revenue Code; or (2) subject to section 21 of this chapter, the issuer redeems or makes a principal repayment with respect to a qualified equity investment before the seventh anniversary of the issuance of the qualified equity investment. If subdivision (1) applies, the corporation's recapture is proportionate to the federal recapture with respect to the qualified equity investment. If subdivision (2) applies, the corporation's recapture is proportionate to the amount of the redemption or repayment with respect to the qualified equity investment. Sec. 21. For purposes of section 20(2) of this chapter, an investment shall be considered held by an issuer even if the investment has been sold or repaid if the issuer reinvests an amount equal to the capital returned to or recovered by the issuer from the original investment, exclusive of any profits realized, in another qualified low income community investment within twelve (12) months after receipt of the capital. An issuer may not be required to reinvest capital returned from qualified low income community investments after the sixth anniversary of the issuance of the qualified equity investment, the proceeds of which were used to make the qualified low income community investment. The qualified low income community investment shall be considered held by the issuer through the seventh anniversary of the qualified equity investment's issuance. Sec. 22. The corporation may not make an adjustment in a tax credit under section 18 of this chapter or recapture a tax credit under section 20 of this chapter unless: (1) the corporation has given the qualified community development entity notice of the proposed adjustment or recapture; and (2) the corporation allowed the qualified community development entity six (6) months after the date of the notice to cure the cause of the proposed adjustment or recapture.
Other Provides that a taxpayer is not entitled to a carryback or refund of an unused tax credit, but the taxpayer may carry over excess credit amounts for not more than five subsequent taxable years.
Contact  

 

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Kentucky
Program New Markets Development Program
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes with a service area including the Commonwealth of Kentucky. Needs to have entered into an allocation agreement with the CDFI Fund. An application also needs to be submitted to the state.
Annual State CAP limits 5,000,000 in tax credits per year
Transaction CAP limits The maximum amount of QLICIs that may be made to a QALICB and all of its affiliates with the proceeds of a QEI shall be $10 million
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Years 1-2: 0%, Year 3: 7%, Years 4-7: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as federal requirements, except as noted below
Recapture The following events cause recapture: 1) the CDE makes a principal repayment with respect to a QEI before the 7 year credit period, 2) the Federal new market tax credits get recaptured and 3) the CDE fails to invest 85% of the QEI into a QLICI within 12 months of the issuance of a QEI and maintain the same level of investment in QLICIs until the end of the 7 year credit period
Other 1) Any business that derives or expects to derive 15% or more of its annual revenue from the rental or sale of real estate is not considered a QALICB, except this restriction does not apply to a business that is controlled by or under common control with another business if the second business (i) does not derive or expects to derive 15% or more of its annual revenue from the rental or sale of real estate, and (ii) is the primary tenant of the real estate leased from the initial business.
2) Tax credits can be carried forward

Contact

  

 

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Louisiana Inactive
Program New Markets Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes and an application needs to be submitted to the state
Annual State CAP limits 25,000,000
Transaction CAP limits The maximum amount that may be issued by a single business shall not exceed 7,500,000
What is the credit 25 percent of the purchase price of the qualified equity investment
How is the credit claimed Years 1-2: 10% and Year 3: 5%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as federal requirements
Recapture The following events cause recapture: 1) all the same events that cause a recapture at the federal level and 2) the Federal new market tax credits get recaptured
Other 1) The tax credit can be carried forward for 10 years
2) Tax credits can be transferred
Contact

Department of Revenue
(225) 219-2780

 

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Maine
Program New Markets Capital Investment Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes and an application needs to be submitted to the state
Annual State CAP limits  
Transaction CAP limits  
What is the credit 39 percent of the purchase price of the qualified equity investment
How is the credit claimed Year 3: 7% and Years 4-7: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as federal requirements
Recapture The bureau may recapture all of the credit allowed under this section if any amount of federal tax credits available with respect to a qualified equity investment that is eligible for a tax credit under this section is recaptured under Section 45D of the Code.
Other
Contact

 

 

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Mississippi
Program Equity Investment Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes and an application needs to be submitted to the state
Annual State CAP limits 15,000,000
Transaction CAP limits The maximum amount that may be issued by a single business shall not exceed 10,000,000
What is the credit 24 percent of the purchase price of the qualified equity investment
How is the credit claimed Years 1-3: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as federal requirements
Recapture The following events cause recapture: 1) all the same events that cause a recapture at the federal level and 2) the Federal new market tax credits get recaptured
Other 1) The tax credit can be carried forward for 7 years
Contact

Billy Klauser
Mississippi Development Authority
(601) 659-5769

 

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Missouri Inactive
Program New Markets Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes
Annual State CAP limits  
Transaction CAP limits The maximum amount that may be issued by a single business shall not exceed 10,000,000
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Years 1-2: 0%, Year 3: 7%, and Years 4-7: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as federal requirements
Recapture The following events cause recapture: 1) the issuer redeems or makes principal repayments with respect to a qualified equity investment prior to the seventh anniversary and 2) the Federal new market tax credits get recaptured
Other 1) Any business that derives or expects to derive 15% or more of its annual revenue from the rental or sale of real estate is not considered a QALICB
2) Qualified investment into CDE can be an equity investment or a long-term debt security instrument
Contact Department of Economic Development
(573) 751-4539

 

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Ohio
Program New Markets Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes with a service area including any portion of the State of Ohio. Needs to have entered into an allocation agreement with the CDFI Fund.
Annual State CAP limits 10,000,000
Transaction CAP limits The maximum QLICI amount per QALICB group, determined on the basis of majority ownership or control, of $2,564,000
What is the credit 39 percent of the adjusted purchase price of the qualified investment
How is the credit claimed Years 1-2: 0%, Year 3: 7%, and Years 4-7: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Similar to federal requirements. Excludes businesses that derives or expects to derive 15% or more of its annual revenue from rental or sale of real property, except SPE's principally owned by a principal user of the property which is formed solely for the purpose of renting or selling the real property back to such principal user if the principal user does not derive 15% or more of its gross annual revenue from the rental or sale of real property.
Recapture The following events cause recapture: 1) all the same events that cause a recapture at the federal level; or 2) the Ohio Director of Development determines that an investment is not a QEI or that the proceeds of an investment for which a tax credit is claimed are used to make QLICIs other than in QALICBs. The Director of Development shall adopt rules to determin the amount to be recovered.
Other 1) The tax credit can be carried forward for 4 years
2) Tax credits can be transferred as QEIs are transferred
3) Credit only applies against state franchise tax payable by domestic insurance companies and financial institutions, as well as certain taxes imposed on foreign insurance companies
4) A state QEI must be designated by a CDE as a federal QEI as well
5) Only applies to QEIs made after January 1, 2010
Contact Department of Development, Urban Development Division
(614) 995-2292

 

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Oklahoma Inactive
Program Small Business Capital Formation Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes 
Annual State CAP limits  
Transaction CAP limits The minimum amount that may be issued by a single business shall not be less than 1,000,000
What is the credit Credit is 20% of the cash amount invested
How is the credit claimed Credit is 20% of the cash amount invested
Credit period (compliance) 5 years
QALICB requirements Investments made by qualified small business capital companies investing funds in Oklahoma small business venture
Recapture The following events cause recapture: 1) the small business venture fails to expend at least 50% of the proceeds of qualified investments within 18 months after the qualified investment was made and 2) the investment in the small business venture is transferred, withdrawn, or otherwise returned within 5 years; provided, a "recapture event" shall not include the transfer, withdrawal, or return of an investment as a result of a "market-based liquidity event"
Other 1) The tax credit can be carried forward for 10 years
Contact Oklahoma Tax Commission
(405) 815-5262

 

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Oregon
Program Low Income Community Jobs Initiative
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes with a service area including any portion of the State of Oregon. Needs to have entered into an allocation agreement with the CDFI Fund. An application also needs to be submitted to the state.
Annual State CAP limits 16,000,000
Transaction CAP limits The maximum amount of QLICIs that may be made to a QALICB and all of its affiliates with the proceeds of a QEI shall be $4 million
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Years 1-2: 0%, Year 3: 7%, Years 4-7: 8%
Credit period (compliance) 7 years (same as federal)
QALICB requirements Same as IRC 45D
Recapture The following events cause recapture: 1) the CDE makes a principal repayment with respect to a QEI before the 7 year credit period, 2) the Federal new market tax credits get recaptured and 3) the CDE fails to invest 85% of the QEI into a QLICI within 12 months of the issuance of a QEI and maintain the same level of investment in QLICIs until the end of the 7 year credit period
Other

1) Fifteen percent of the total qualified equity investments is set aside for investments in QALICBs that improve the environment.
2) Businesses that receive more than 15 percent of their revenue from real estate are ineligible for the credit.
3) Qualified investment into CDE can be an equity investment or a long-term debt security instrument (minimum 7 year term, no acceleration, amortization, or prepayment features, but no limitation on acceleration for default on covenants designed to ensure compliance with the act or IRC Section 45D).
4) Tax credits can be carried forward.

Contact  

 

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Texas
Program Certified Capital Company Program
Enacting Legislation Click here
CDE Application Process Becoming a CAPCO can be a difficult and time consuming process. Here are a few of the requirements: 1) A completed Application for Certification on a form provided by the Comptroller; 2)A nonrefundable application fee of $7,500; 3) An audited balance sheet with an unqualified opinion from an independent certified public accountant; 4) Additionally, a Statement of Auditing Standard No. 61 communications provided by the auditor, as of a date not more than 35 days before the date of application; 5) Documentation that the prospective CAPCO is duly organized and qualified to do business in Texas; 6) Evidence of an equity capitalization of at least $500,000 in the form of unencumbered cash or cash equivalents; 7) Evidence that at least two principals or persons employed or engaged to manage the funds of the applicant have at least four years of experience in the venture capital industry.
Annual State CAP limits  
Transaction CAP limits  
What is the credit A single insurance company may claim and invest a maximum of 15 percent of the total tax credit allocation amount.
How is the credit claimed For Program One, tax credits may be taken in 2009 for tax year 2008. For Program Two, the credits may be taken in 2013 for tax year 2012.
Credit period (compliance)  
QALICB requirements

A qualified business is one that, at the time of a CAPCO's first investment in the business: Is headquartered in Texas; has no more than 100 employees and pays at least 80 percent of its payroll to employees residing in Texas; and is primarily engaged in manufacturing, processing, or assembling products, conducting research & development or providing services. A qualified business cannot be primarily engaged in any of the following: retail sales; real estate development; business of insurance, banking, or lending; or professional services.

Recapture  
Other


Contact

Texas Treasury Safekeeping Company
(512) 463-4300

 

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Wisconsin Proposed
Program New Markets Tax Credit
Enacting Legislation Click here
CDE Application Process Needs to be a CDE for federal purposes with a service area including any portion of the State of Wisconsin. Needs to have entered into an allocation agreement with the CDFI Fund. An application also needs to be submitted to the state.
Annual State CAP limits  
Transaction CAP limits  
What is the credit 39 percent of the purchase price of the qualified investment
How is the credit claimed Years 1-3: 5%, Years 3-7: 6%
Credit period (compliance) 7 years (same as federal)
QALICB requirements  
Recapture  
Other 1) If a claimant transfers an interest in a partnership, limited liability company, or tax-option corporation after the first credit allowance date but before the final credit allowance date, the claimant shall be entitled to claim the credit for the remaining credit allowance dates by filing a written agreement with the return that specifies that the claimant, not the transferee, is the person entitled to claim the credit.
2) Tax credits can be carried forward for 15 years
Contact  

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