On January 4, California Assembly Bill 643 was amended to include the creation of a California New Markets Tax Credit (NMTC) Program. If passed, A.B. 643 would authorize the California Tax Credit Allocation Committee (TCAC) to award up to $50 million in state NMTCs each year from 2013 through 2019. Like the federal NMTC program, the tax credit would provide a 39% credit against the equity investment. Investments including, but not limited to, retail businesses, real property, financial institutions and schools would be eligible for the state NMTC.
To read A.B. 643, click here.