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IN HB1414

Bill

Official Source

Status

Introduced

1/22/2013

Primary Sponsor

Suzanne Crouch

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Establishes 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 equals 0% for years 1-2, 7% for year 3, and 8% for years 4-7, calculated against the purchase price of the qualified equity investment
  • Caps total tax credits at $20,000,000 per state fiscal year, with unused credits carrying forward up to 5 years (non-refundable and non-transferable)
  • Requires qualified community development entities to pay a $5,000 non-refundable application fee per investment and limits investments in any single business to $10,000,000
  • Effective retroactively to January 1, 2013, with the Indiana Economic Development Corporation required to adopt emergency rules by August 1, 2013

Legislative Description

Indiana new markets jobs act.

Last Action

Representatives Cherry, Davis, Truitt and Shackleford added as coauthors

2/4/2013

Committee Referrals

Ways and Means1/31/2013
Commerce, Small Business and Economic Development1/22/2013

Full Bill Text

No bill text available