In addition to other powers granted to the authority, the authority may form, operate, own or co-own one or more nonprofit or for-profit qualified community development entities for the purpose of participation in the federal new markets tax credit program, and pursuant to participation in the federal new markets tax credit program may:
A. apply for and obtain one or more allocations of new markets tax credits;
B. market and sell qualified equity investments;
C. make qualified low-income community investments; and
D. take all actions necessary or convenient to carry out the purposes of the qualified community development entity or to participate in the federal new markets tax credit program.
History: Laws 2006, ch. 64, § 2.
ANNOTATIONSCross references. — For the federal new markets tax credit, see 26 C.F.R. 1.45D and 26 U.S.C. 45D-1T.
Effective dates. — Laws 2006, ch. 64 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 2006, 90 days after adjournment of the legislature.