IN HB1248

Creates a new markets job growth tax credit for investments in qualified community development entities that invest in low-income community businesses in Indiana

Tax credit rates are 0% for years 1-2, 7% for year 3, and 8% for years 4-7 after the investment date, calculated as a percentage of the qualified equity investment purchase price

Caps total tax credits at $20,000,000 per state fiscal year, with unused credits eligible for carryover up to 5 subsequent years but no refunds or carrybacks allowed

Requires at least 85% of investment proceeds to be used for qualified low-income community investments in Indiana businesses within one year of the initial credit date

Limits investments in any single low-income community business to $10,000,000, and provides for credit recapture if federal tax credits are recaptured or if investments are redeemed before 7 years