Florida Statutes Part XIII - New Markets Development Program Act (Ss. 288.991-288.9922)

• 288.991 - Short Title.
  Sections 288.991-288.9922 may be cited as the “New Markets Development Program Act.”History.—ss. 4, 15, ch. 2009-50.1Note.—Expires December 31, 2022, pursuant to s. 15, ch. 2009-50.
• 288.9912 - New Markets Development Program; Purpose.
  The New Markets Development Program is established to encourage capital investment in rural and urban low-income communities by allowing taxpayers to earn credits against specified...
• 288.9913 - Definitions.
  As used in ss. 288.991-288.9922, the term:(1) “Credit allowance date” means:(a) The date on which a qualified investment is made; and(b) Each of the six anniversaries of that...
• 288.9914 - Certification Of Qualified Investments; Investment Issuance Reporting.
  (1) ELIGIBLE INDUSTRIES.—(a) The department, in consultation with Enterprise Florida, Inc., shall designate industries using the North American Industry Classification System which are eligible to receive low-income...
• 288.9915 - Use Of Proceeds From Qualified Investments; Recordkeeping.
  2(1) For the period from the issuance of the qualified investment to the 7th anniversary of such issuance, a qualified community development entity may make cash...
• 288.9916 - New Markets Tax Credit.
  (1) A person or entity that makes a qualified investment earns a vested tax credit pursuant to the New Markets Development Program Act against taxes under...
• 288.9917 - Community Development Entity Reporting After A Credit Allowance Date; Certification Of Tax Credit Amount.
  (1) A qualified community development entity that has issued a qualified investment shall submit the following to the department within 30 days after each credit allowance...
• 288.9918 - Annual Reporting By A Community Development Entity.
  (1) A community development entity that has issued a qualified investment shall submit an annual report to the department by January 31 after the end of...
• 288.9919 - Audits And Examinations; Penalties.
  (1) AUDITS.—A community development entity that issues an investment approved by the department as a qualified investment shall be deemed a recipient of state financial assistance...
• 288.9920 - Recapture And Penalties.
  (1) Notwithstanding s. 95.091, the department shall direct the Department of Revenue, at any time before December 31, 2022, to recapture all or a portion of...
• 288.9921 - Rulemaking.
  The Department of Economic Opportunity and the Department of Revenue may adopt rules pursuant to ss. 120.536(1) and 120.54 to administer ss. 288.991-288.9920.History.—ss. 14, 15,...
• 288.9922 - Expiration Of The New Markets Development Program Act.
  Sections 288.991-288.9921 and this section expire December 31, 2022.History.—s. 15, ch. 2009-50.

Last modified: September 23, 2016