HB2484 Summary

• Amends the New Markets Development Program Act to establish separate primary and targeted allocations for qualified equity investments, with $250,000,000 for primary allocation and $150,000,000 for targeted allocation effective January 1, 2024.

• Caps annual tax credits at $20,000,000 for the primary allocation and $12,000,000 for the targeted allocation, limiting monetary amounts of qualified equity investments accordingly.

• Defines "targeted industries" as businesses classified under North American Industry Classification System (NAICS) sectors 11, 31-33, or 2211, requiring 100% of investment proceeds for targeted allocation to remain in Illinois.

• Requires qualified community development entity applications submitted after January 1, 2024 to specify whether seeking primary or targeted allocation authority.

• Takes effect upon becoming law, with major provisions activated on or after January 1, 2024 following federal Community Development Financial Institutions Fund announcement of allocation awards.