AN ACT relating to the New Markets Development Program tax credit.

Amend KRS 141.433 to allow amounts received as repayment on a qualified low-income community investment and reinvested in another qualified low-income community investment during the same calendar year to be considered continuously held; amend KRS 141.434 to increase the cap on total New Markets Development Program tax credits from $10 million to $20 million in each fiscal year.

Introduced: February 6, 2025

Last action: February 12, 2025

To Appropriations & Revenue (H)

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This bill makes two changes to Kentucky's New Markets Development Program, which offers tax credits to encourage investment in low-income communities. It would double the annual cap on available tax credits from $10 million to $20 million, and it would allow investors who reinvest repaid funds into another qualifying project within the same year to keep their tax credit eligibility without interruption. Who it may affect: businesses and investors participating in the New Markets Development Program, and low-income communities that may receive increased investment as a result.

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