Legislation signed into law May 31 by Florida Gov. Ron DeSantis repeals multiple state tax credit incentives as of July 1, including its new markets tax credit (NMTC) incentive. HB5 strikes six Florida tax credit initiatives. New applications for the state NMTC will cease as of July 1, but existing contracts and agreements prior to that date will continue. Other repealed credits include an entertainment industry tax credit program and two related to space flight.

Novogradac’s NMTC services team offers guidance through the underlying tax, structuring and business issues of the program.