California Legislation Would Create State NMTC Program
A bill introduced in the California Assembly would create a state New Markets Tax Credit (NMTC) program that largely mirrors the federal program, but with a $100 million cap in qualified equity investments per calendar year. AB 1259 would define qualified low-income community businesses as those with 250 or fewer employees and would exclude charter schools. The NMTC program would begin Jan. 1, 2020, and expire Dec. 1, 2025. The legislation awaits referral to a committee.