FL H1119

Reduces the cumulative tax credit limit under the New Markets Development Program from $195 million to $97.5 million during the program's existence.

Reduces the annual tax credit limit from $40 million to $20 million in a single state fiscal year, excluding potential carryforward credits.

Modifies restrictions on cash interest payments by qualified community development entities on long-term debt securities to allow payments (rather than prohibit them) up to the entity's cumulative operating income during the 7-year period following investment issuance.

Continues the disregard of interest expense on qualified investment securities for 6 years following issuance when calculating operating income for interest payment purposes.

Takes effect July 1, 2012.