The bill amends and reenacts various provisions of the Louisiana New Markets Jobs Act, specifically R.S. 47:6016.1, to clarify definitions and requirements related to the premium tax credit for qualified equity investments. Key changes include the definition of "qualified active low-income community business" and "qualified low-income community investment," as well as the application process for entities seeking to be designated as qualified equity investments. The bill introduces new reporting requirements for qualified community development entities and establishes limits on the amount of qualified low-income community investments that can be made in a single business, with specific caps based on the date of investment issuance.

Additionally, the bill specifies that a total of $150 million in qualified equity investment authority will be available for certification starting August 1, 2025, and outlines the conditions under which applications may be denied. It also includes provisions for deposits required from applicants, with exemptions for those who have previously received certifications without forfeiture. The bill mandates annual reporting on the impact of investments on low-income communities, including employment statistics and economic development effects, while also detailing the information that must be included in these reports.

Statutes affected:
SB186 Original: 47:1(B)(1)
SB186 Engrossed: 47:1(B)(8)
SB186 Reengrossed: 47:1(B)(8)
SB186 Enrolled: 47:1(B)(8)
SB186 Act 441: 47:1(B)(8)