In May 2009, the Governor signed House Bill 485 which authorizes the Florida New Market Development Program through Section 288.9912, Florida Statues.
The program encourages capital investment in low-income communities by allowing taxpayers to earn credits by investing in qualified Community Development Entities (CDEs) that make investments in active low-income community businesses. A person or entity that makes a qualified investment earns a vested tax credit equal to 39 percent of the purchase price of the qualified investment.
Qualified CDEs may apply to OTTED to have investments approved as qualified investments for Florida New Market Tax Credits.
Program guidelines and application forms are available at www.flgov.com/otted_home.
SUBMITTTING THE APPLICATION
There are two application periods or windows: September 1, 2009 through October 2, 2009, and November 2, 2009 through December 4, 2009. Applications must be submitted to OTTED within an application period to be accepted.
Submit one (1) electronic copy, one (1) original and two (2) copies of the Application in loose-leaf three rings binders contained in a sealed package. On the outside of the package, clearly mark APPLICATION FOR FLORIDA NEW MARKETS DEVELOPMENT PROGRAM.
Applicants must submit a nonrefundable $1,000 application fee payable to Executive Office of the Governor.
Submit the package to:
Governors Office of Tourism, Trade, and Economic Development
Suite 1902, The Capitol
Tallahassee, Florida 32399-0001
Karl.Blischke@eog.myflorida.com
OTTED will review applications in the order received and approve or deny an application within 30 days after receipt. Review will be based on the eligibility requirements and applicants plans to meet the program guidelines including the proposed use of proceeds and plans to develop relationships with community based organizations that serve low-income communities.
