The Louisiana House of Representatives recently approved H.B. 726 by a vote of 66-33, a measure to create a state New Markets Jobs Tax Credit to provide incentives for private businesses to invest in low-income rural and “emerging urban” communities. Sponsored by Representative Walt Leger (D-New Orleans), the bill structures the issuance of $49.5 million of tax credit in two allocations: $24.75 million on November 1, 2013, and $24.75 million on November 1, 2014, and provides that each of these two issues can first be claimed against tax liabilities three years after the credit issuance. A ten year carry forward period is allowed for unused credits, and the credits are transferable to other taxpayers. H.B. 726 now heads to the Louisiana Senate for further debate.