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Senate approves New Markets Jobs Act to back $150 million in investment funds for underserved businesses
Summary
The Senate passed SB186 to reauthorize a state New Markets program that pairs a $150 million investment fund with multi‑year premium tax credits; the bill includes new reporting requirements and removes a proposed exception for larger employers.
The Louisiana Senate on May 13 passed Senate Bill 186, a New Markets Jobs Act measure to create a $150,000,000 investment fund to attract capital into businesses and projects that lack conventional financing, Senate author Reese said.
The bill aims to use state premium tax credits to leverage private investment in businesses across Louisiana, with the state credit paid out over several years in exchange for the initial investment, Reese said. "We create, it creates an investment fund of a hundred and $50,000,000," Reese told the Senate on the floor.
Supporters described the program as…
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