Amendment S-5104 to SF 586

Filed March 30, 2022 in the Senate by

What it changes

1. Page 12, lines 7 and 8, by striking “section 534.217, subsection 2” and inserting “section 524.217, subsection 2”
2. Page 52, after line 34 by inserting: “NEW SUBSECTION .
3. A state bank, upon the approval of the superintendent, may invest up to five percent of its aggregate capital in a tax equity financing transaction in which the state bank provides equity financing to fund a project or projects that generate tax credits and the equity-based structure of the transaction permits the transfer of such tax credits to the state bank. A state bank may take a majority financial position, but shall be a passive investor and shall not take a management position, in each such project, subject to the following: a. The state bank shall not participate in the operation of any project or facility resulting from such a transaction or the sale of energy, if any, derived from the project. b. The state bank shall obtain a legal opinion or otherwise demonstrate a good-faith determination that the tax credits are available before engaging in a tax equity financing transaction. c. The tax benefits or other payments the state bank receives from the transaction shall repay the state bank’s investment and provide the expected rate of return at the time of the investment. d. Except as provided under paragraph “c” , the state bank shall not share in any appreciation in value of its interests in the project or in any of the real or personal assets associated with the project. e. The state bank’s total investment in any combination of shares or equity interests of any tax equity financing transactions pursuant to this subsection shall be limited to fifteen percent of its aggregate capital.”
4. Page 92, by striking lines 17 through
6. Title page, lines 1 and 2, by striking “providing civil -1- SF 586.4168.H (3) 89 md 1/ 2 penalties,”
7. By renumbering as necessary. -2- SF 586.4168.H (3) 89 md 2/ 2

Official amendment (PDF) · In the Bill Book