California’s Senate Revenue and Tax Committee last week passed a bill (S.B. 1316) that would establish a new tax credit modeled after the federal New Markets Tax Credit (NMTC) program. The bill would provide $44 million in tax credit investments for the development of schools, small businesses and real estate throughout California in low-income communities in rural and urban areas. The bill would use General Fund dollars to stimulate direct investment in California, rather than continue to fund tax credits for investments in out-of-state properties. The bill next goes to the Senate Appropriations Committee for consideration. Read More…