During the 2014 legislation session, the credit cap for the new markets tax credit was increased from $5 million to $10 million. The New Markets Development Program Tax Credit provides a person or entity, making a qualified equity investment, a credit equal to 39% of the purchase price of the qualified equity investment made by the person or entity claiming the credit, to be utilized against its tax liability for the taxable year that includes the credit allowance date equal to the applicable percentage for the credit allowance date multiplied by the purchase price paid for the qualified equity investment, or carry forward any unused portion to a subsequent tax year, or, if an insurance company, apply the tax credit against the insurance premium tax. A refundable performance fee has been added that would required when a credit application is submitted. Applications can be submitted beginning July 15, 2014.