HB 586 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:
01/25/94  House: Presented and ordered printed  pdf

Status:
01/25/94  House: Presented and ordered printed
01/25/94  House: Referred to Committee on Finance
02/09/94  House: Assigned to Finance sub-committee: 2
02/11/94  House: Continued to 1995 in Finance (21-Y 0-N)
12/20/94  House: No action taken by Finance by voice vote