SECTION 1. That the executive office of housing and economic development shall conduct an investigation and study of the feasibility and benefits of a new markets tax credit program in Massachusetts, similar to the existing federal new markets tax credit program as describe in supplement 5 of title 26 of the United States Code, as appearing in the 2006 Edition. The study shall evaluate the fiscal impacts, the potential for construction, manufacturing, and other full-time jobs, benefits to low-income residents and communities, the potential to attract private capital and promote economic development, and other potential benefits. The study shall review the state new market tax credit programs already in operation.

The secretary shall report to the joint committee on economic development and emerging technologies, the joint committee on revenue, and the house and senate committees on ways and means, the finding and recommendations, if any, together with drafts of legislation necessary to carry the recommendations into effect by filing the same with the clerks of the senate and house of representatives on or before July 1, 2013.