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 qualified active low-income community businesses and investments. Key changes include the definition of "qualified active low-income community business," which now specifies that such businesses must operate within certain industry sectors and have employee limits based on their classification. Additionally, the maximum amount of qualified low-income community investments is adjusted, allowing for up to ten million dollars for investments made after August 1, 2025, while also establishing new reporting requirements for community development entities.

Furthermore, the bill introduces new application requirements for entities seeking to obtain qualified equity investment authority, including a certification process and conditions under which applications may be denied. It also stipulates that a deposit requirement will not apply to entities with prior certifications that have not faced forfeiture. The legislation aims to enhance the effectiveness of the New Markets Jobs Act by ensuring that investments are directed towards businesses that meet specific criteria and by improving accountability through detailed reporting on the impact of these investments on low-income communities.

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)