Louisiana Governor Signs Bill Making Businesses Affected by Hurricane Laura Eligible for State NMTC

Tuesday, October 20, 2020 - 11:30am

Louisiana Gov. John Bel Edwards signed legislation to make businesses affected by Hurricane Laura eligible as qualified active low-income community businesses (QALICB) for qualified equity investment (QEI) under the state’s New Markets Job Act incentive. Under S.B. 14, the change applies to QEIs made in those businesses on or after Aug. 1, 2020. The Louisiana New Markets Jobs Act is a 45 percent credit taken against the state premium tax. The change was effective Oct. 16.

There will be discussion of how state-level incentives interact with the federal new markets tax credit (NMTC) at the Novogradac 2020 New Markets Tax Credit Fall Virtual Conference, Oct. 29-30.