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SB 2829

Qualified equity investment tax credits; renew and extend MDA's authority to allocate.

2025 Regular Session

Renewes MDA's authority to allocate qualified equity investment tax credits, extending the program for investors and projects.

Died In Committee
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Bill Summary · SB 2829

Summary — SB 2829

Title: Qualified equity investment tax credits; renew and extend MDA's authority to allocate.
Status: Died In Committee
Introduced: March 14, 2025
Classification/Subjects: Finance; Ways and Means; Accountability, Efficiency, Transparency
Companion bill: HB 3788

Purpose / Intent

SB 2829 was intended to renew and extend the statutory authority of “MDA” to allocate qualified equity investment (QEI) tax credits. The bill’s core aim was to continue a state program that uses tax credits to encourage private equity investment in specified projects or entities by authorizing the designated state agency (referred to in the bill as “MDA”) to award or allocate those credits for an extended period or under renewed terms.

Key provisions (based on available summary)

The publicly available bill title and summary materials are limited; the version content itself is not provided. From the title, the bill would have done the following:
- Renewed the agency’s (MDA’s) statutory authority to allocate qualified equity investment tax credits that had been set to expire or lapse.
- Extended the allowable time period during which MDA may award or allocate those credits.
- Presumably left in place (or modified) the administrative framework for applications, allocations, and reporting tied to the QEI tax credit program.

Because the bill text is not included here, specific provisions such as annual credit caps, eligibility criteria, application deadlines, recapture rules, carryforward/transferability mechanics, or oversight requirements cannot be confirmed.

Who would be affected

  • Investors and entities that qualify for QEI tax credits (e.g., businesses or projects targeted by the program) — would continue to have access to credits that reduce state tax liability.
  • The agency identified as MDA — would retain/extend its allocation responsibilities and any associated administrative duties.
  • State budget and revenue offices — continued or renewed credits would affect projected state tax receipts.
  • Local governments or beneficiaries of projects funded by QEI-backed investments may be indirectly affected through continued investment incentives.

Procedural history and status

  • Introduced and filed: 2025-03-14
  • Read first time and referred to Local Government: 2025-04-07
  • Other recorded actions (some chronology appears inconsistent): referrals to Ways and Means and Accountability, Efficiency, Transparency; Title sufficiency “Do Pass”; transmission to the House; passage notation; but the official status is “Died In Committee” (record shows 2025-03-04 as date of death in committee).
  • Final outcome: The bill did not advance into law and died in committee.

Potential impacts and considerations

  • Fiscal: Renewing QEI credit authority typically reduces near-term state tax revenues relative to not renewing but is intended to spur private investment that could generate economic activity, jobs, and long-term tax base growth. Exact fiscal impact would depend on authorized credit limits and uptake.
  • Administrative: Extending allocation authority keeps agency administrative processes and oversight obligations in place; may require continued reporting and monitoring.
  • Policy trade-offs: Balances incentive-driven economic development against immediate foregone revenue; oversight and transparency provisions are important for assessing program effectiveness.

Note: The available public record for SB 2829 is incomplete (the bill text and detailed provisions were not supplied). For precise program rules, credit amounts, eligibility requirements, and fiscal estimates, consult the full bill text or the companion bill HB 3788.

Compiled from official sources — confirm details with the bill’s official record.

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