SB1755 Summary

• Amends the New Markets Development Program Act to establish separate "primary allocation" ($250,000,000) and "targeted allocation" ($150,000,000) of qualified equity investments, effective on or after January 1, 2024.

• Limits annual tax credit use to no more than $20,000,000 for the primary allocation and $12,000,000 for the targeted allocation.

• Defines "targeted industries" as businesses classified under North American Industry Classification System (NAICS) codes 11, 31-33, or 2211 (agriculture, manufacturing, and utilities sectors).

• Requires that for investments made after January 1, 2024 under the targeted allocation, 100% of cash purchase price must be invested in qualified low-income community businesses engaged in targeted industries within 12 months of issuance.

• Changes application deadline requirements to trigger within 120 days after the Community Development Financial Institutions Fund announces allocation awards under the November 22, 2022 Notice of Funding Availability.