Florida Governor Charlie Crist recently singed into law a bill that makes a number of modifications to Florida’s New Markets Development Program (NMDP), a state-level companion program to the federal NMTC program that provides state tax credits for low-income community investments. The bill:
- Changes Florida’s definition of a qualified active low-income community business (QALICB) to match that of the federal New Markets Tax Credit (NMTC) program;
- Extends the cure period from 90 days to six months to correct a failure to make a timely investment through the state program; and
- Limits the number of times that an allocatee is allowed to correct a qualified equity investment (QEI) to once in a seven-year credit period.