Florida Governor Rick Scott recently signed H.B. 7087 into law which increases the amount of credits available under the state’s New Markets Development Program (NMDP). The bill increases the amount of credits available under the program from $97.5 million to $163.8 million, and increases the yearly cap from $20 million to $33.6 million. The law also revises the language that governs the use of qualified investment proceeds to allow community development entities (CDEs) to make cash interest payments on long-term debt security that is a qualified investment, but that does not exceed the entity’s cumulative operating income as of the date of the cash interest payment.

Click here to read HB 7087.