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 requirements for entities seeking to be designated as qualified equity investments. Notably, the bill establishes new limits on the maximum amount of qualified low-income community investments that can be made in a single business, with a cap of ten million dollars for investments issued after August 1, 2025, and outlines the conditions under which applications may be denied.

Additionally, the bill introduces new reporting requirements for qualified community development entities that issue qualified equity investments after August 1, 2025. These reports must include detailed information about the businesses receiving investments, such as employment statistics and community demographics. The legislation also specifies that certain deposit requirements will not apply to entities that have previously received certifications and have not faced forfeiture of deposits. Overall, the bill aims to enhance the effectiveness of the New Markets Jobs Act by refining definitions, establishing clearer application processes, and ensuring accountability through reporting.

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)