The City Senate Committee on Revenue and Fiscal Affairs on April 28 reported Senate Bill 186 as amended, authorizing a new $150 million tranche for the Louisiana New Markets Jobs Act to attract private capital into low‑income and rural communities.

Senator Reese, sponsor of SB186, said the package is intended to provide immediate private capital to small businesses and projects that lack access to traditional financing. The structure follows earlier iterations of the program: private investors supply capital up front and receive state tax credits beginning in year three. The amendment set the new tranche at $150 million in capital with $88 million in credits allocated against future tax liabilities; payment of credits would be capped at $22.5 million per year over three years and $15 million in the final year as credits are claimed.

Amendments adopted by the committee (set 874) were largely technical and clarified prior deal caps and eligibility. Sponsor amendments restored a per‑deal cap of $10 million (up from a COVID‑era $5 million cap) and allowed the Louisiana Economic Development department, on a case‑by‑case basis, to waive the 250‑employee cap for otherwise qualifying projects. The amendment also allowed an existing $500,000 deposit from prior program participants to carry forward to the new round.

Tony Toups of Advantage Capital, a community development entity that has participated in prior rounds, told the committee the program has worked and demand for capital remains strong. Proponents said the program typically finances deals sized between $500,000 and $5 million to help smaller manufacturers and other firms that can supply larger projects or support local jobs.

Committee members asked about fiscal mechanics and eligibility; staff and proponents said the credits are nontransferable and nonrefundable, the program includes both cap and sunset provisions, and that the tranche is designed to leverage private financing with a front‑loaded investment and delayed credit payout. The committee adopted amendment set 874 and, without objection, reported SB186 as amended.