House committee substitute makes the following changes to 1st edition.
Adds a definition for low income community and makes changes to the definitions for long-term debt security, qualified active low-income community business, and qualified low-income community investment. Allows a taxpayer to carry forward any tax credit that cannot be claimed in a tax year for the next five tax years (previously, no limit). Adds that tax credits may not be sold or transferred on the open market. Requires the Department of Commerce to begin accepting applications for qualified equity investments before January 31, 2013. Prohibits the Department from accepting applications on or after January 1, 2015. Makes other technical and clarifying changes.