Date	Chamber	Action
1/13/2009	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

Synopsis As Introduced
Creates the New Markets Development Program Act. Defines terms. Provides that taxpayers that make a qualified equity investment earn a vested right to certain tax credits against income, franchise, and insurance premium taxes. Credits are not transferable. Sets annual caps on credits. Provides for recapture. Authorizes the Department of Commerce and Economic Opportunity to promulgate rules. Sunsets after fiscal year 2012 unless reauthorized by the General Assembly. Contains other provisions. Effective immediately.

House Amendment No. 1
Decreases the amount of the annual cap on the credits from $40,000,000 to $10,000,000. Provides that neither the Governor nor any agency or agency head under the jurisdiction of the Governor has any rulemaking authority under the Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion.

Actions 

Date	Chamber	Action
2/6/2008	House	Filed with the Clerk by Rep. Arthur L. Turner
2/6/2008	House	First Reading
2/6/2008	House	Referred to Rules Committee
3/3/2008	House	Assigned to Revenue Committee
3/13/2008	House	Recommends Do Pass Subcommittee/ Revenue Committee; 003-000-000
3/13/2008	House	House Amendment No. 1 Filed with Clerk by Revenue Committee
3/13/2008	House	House Amendment No. 1 Adopted in Revenue Committee; by Voice Vote
3/13/2008	House	Do Pass as Amended / Short Debate Revenue Committee; 012-000-000
3/13/2008	House	Placed on Calendar 2nd Reading - Short Debate
4/1/2008	House	Second Reading - Short Debate
4/1/2008	House	Placed on Calendar Order of 3rd Reading - Short Debate
4/2/2008	House	Added Chief Co-Sponsor Rep. Karen A. Yarbrough
4/2/2008	House	Added Chief Co-Sponsor Rep. Ruth Munson
4/2/2008	House	Third Reading - Short Debate - Passed 108-000-001
4/3/2008	Senate	Arrive in Senate
4/3/2008	Senate	Placed on Calendar Order of First Reading April 8, 2008
4/16/2008	Senate	Chief Senate Sponsor Sen. James F. Clayborne, Jr.
4/16/2008	Senate	First Reading
4/16/2008	Senate	Referred to Rules
5/15/2008	Senate	Rule 2-10 Committee Deadline Established As May 22, 2008; Substantive House Bills Out of Committee
5/22/2008	Senate	Added as Alternate Co-Sponsor Sen. Michael Noland
1/13/2009	House	Session Sine Die

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