Sacramento, California – Today, three bills by Assemblyman V. Manuel Pérez passed their first policy hurdles with strong support in Assembly policy committees.
The Assembly Committee on Jobs, Economic Development, and the Economy approved two bills by Pérez. AB 305, California New Markets Tax Credit, passing with a vote of 8-0, creates a state equivalent to the federal New Markets Tax Credit (NMTC) program, which encourages private investment in disadvantaged and underserved communities. The NMTC is a tax credit offered to individual and corporate investors in exchange for making an investment in a community development entity (CDE). The CDE then uses the private equity for investments such as small business development, real estate projects, and community facilities. At least nine other states have matching programs to help leverage more federal dollars in NMTC investments.
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