NEW MARKETS DEVELOPMENT House SponsorsRep. Arthur L. Turner-Karen A. Yarbrough-Ruth Munson Senate Sponsors(Sen. James F. Clayborne, Jr. and Michael Noland) 1/13/2009HouseSession Sine Die New Act 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. 2/6/2008HouseFiled with the Clerk by Rep. Arthur L. Turner 2/6/2008HouseFirst Reading 2/6/2008HouseReferred to Rules Committee 3/3/2008HouseAssigned to Revenue Committee 3/13/2008HouseRecommends Do Pass Subcommittee/ Revenue Committee; 003-000-000 3/13/2008HouseHouse Amendment No. 1 Filed with Clerk by Revenue Committee 3/13/2008HouseHouse Amendment No. 1 Adopted in Revenue Committee; by Voice Vote 3/13/2008HouseDo Pass as Amended / Short Debate Revenue Committee; 012-000-000 3/13/2008HousePlaced on Calendar 2nd Reading - Short Debate 4/1/2008HouseSecond Reading - Short Debate 4/1/2008HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/2/2008HouseAdded Chief Co-Sponsor Rep. Karen A. Yarbrough 4/2/2008HouseAdded Chief Co-Sponsor Rep. Ruth Munson 4/2/2008HouseThird Reading - Short Debate - Passed 108-000-001 4/3/2008SenateArrive in Senate 4/3/2008SenatePlaced on Calendar Order of First Reading April 8, 2008 4/16/2008SenateChief Senate Sponsor Sen. James F. Clayborne, Jr. 4/16/2008SenateFirst Reading 4/16/2008SenateReferred to Rules 5/15/2008SenateRule 2-10 Committee Deadline Established As May 22, 2008; Substantive House Bills Out of Committee 5/22/2008SenateAdded as Alternate Co-Sponsor Sen. Michael Noland 1/13/2009HouseSession Sine Die