HB 2146 Community Development Act.
Robert D. Hull | all patrons    ...    notes
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Summary:
Community Development Act. Creates the Community Development Act to encourage investment by business firms in nonprofit community development organizations offering a source of capital to impoverished persons or areas for the purpose of enhancing economic development and opportunities for employment and entrepreneurship. Qualified business firms shall be entitled to a tax credit in an amount equal to (i) 50 percent of the total amount of investment made in the form of a grant to a qualified community development organization; or (ii) 10 percent of the total amount of (a) the proceeds of a loan made to a qualifying community development organization, or (b) the return on an equity investment in a qualifying community development organization. The program shall be administered by the Department of Housing and Community Development.

Full text:
01/23/95  House: Presented & ordered printed LD4671297  pdf

Status:
01/23/95  House: Presented & ordered printed LD4671297
01/23/95  House: Referred to Committee on Finance
01/26/95  House: Assigned to Finance sub-committee: 1
02/08/95  House: No action taken by Finance by voice vote