NEW MARKET DEVELOPMENT PROGRAM Senate SponsorsSen. Christopher Belt, Terri Bryant and Paul Faraci-Doris Turner 1/7/2025SenateSession Sine Die 20 ILCS 663/520 ILCS 663/2020 ILCS 663/2520 ILCS 663/4020 ILCS 663/4520 ILCS 663/55Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community Development Financial Institutions Fund of the United States Department of the Treasury announces allocation awards under a Notice of Funding Availability that was published in the Federal Register on November 22, 2022, $250,000,000 of qualified equity investments for the primary allocation and $150,000,000 of qualified equity investments for the targeted allocation shall be allocated by the Department. Makes other changes. Defines terms. Effective immediately. 2/9/2023SenateFiled with Secretary by Sen. Christopher Belt 2/9/2023SenateFirst Reading 2/9/2023SenateReferred to Assignments 2/21/2023SenateAssigned to Revenue 2/27/2023SenateAdded as Co-Sponsor Sen. Terri Bryant 3/3/2023SenateAdded as Co-Sponsor Sen. Paul Faraci 3/8/2023SenateAdded as Chief Co-Sponsor Sen. Doris Turner 3/10/2023SenateRule 3-9(a) / Re-referred to Assignments 1/7/2025SenateSession Sine Die