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Connecticut Bill Would Create State NMTC Incentive for 2023, 2024

Wednesday, March 9, 2022 - 11:15AM

Legislation introduced in the Connecticut General Assembly would create a state new markets tax credit (NMTC) incentive for calendar years 2023 and 2024. S.B. 382 would be for 39% of qualified equity investments (QEIs) with a statewide cap of $25 million and would be taken in the same manner as the federal NMTC (5% for each of the first three years, 6% for each of the next four years). The project cap for qualified low-income community investment in a business would be the lesser of 40% of expected eligible costs or $5 million. The credit would be for qualified equity investments on or after July 1, 2022.

Pairing state incentives and the federal NMTC will be a topic at the Novogradac 2022 Spring New Markets Tax Credit Conference, June 9-10 in Washington, D.C.

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