SECTION 1. The Joint Committee on Economic Development and Emerging Technologies is authorized and directed to study the benefits of establishing a New Markets Tax Credit program in Massachusetts similar to the existing federal New Markets Tax Credit program (26 U.S.C. §45D). The study shall evaluate the potential benefits arising from a Massachusetts New Markets Tax Credit program that would enable participating community development entities to make business loans to, and other investments in, low-income community businesses to promote the creation or maintenance of permanent jobs, construction jobs, the provision of services and benefits to low-income community residents, and other potential positive community impacts for Massachusetts low-income communities. The study shall review the success of similar state new market tax credit programs already in operation in 14 other states that between 2003 through 2012 have created more than 500,000 jobs and generated more than $5.3 billion in federal income tax revenue and more than $3 billion in state and local tax revenues, evaluate how the creation of a Massachusetts New Markets Tax Credit program would attract private capital to and promote economic development in Massachusetts low-income communities, and take other relevant considerations into account. The study shall be completed no later than July 1, 2017.
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