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IN HB1297
Bill
Status
1/13/2015
Primary Sponsor
Gerald Torr
Click for details
AI Summary
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Establishes Indiana new markets tax credit modeled after federal program, allowing taxpayers to claim credits against state tax liability for qualified equity investments in community development entities.
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Credits are calculated as a percentage of investment purchase price, with 0% for first two credit allowance dates and 8% for next four dates, claimed annually over seven years.
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IEDC may certify maximum of $80,000,000 in qualified equity investments per state fiscal year, with investments required between June 30, 2015 and July 1, 2023.
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At least 95% of investment funds must be deployed into qualified low-income community businesses located in Indiana within one year of initial investment.
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IEDC must submit annual report by December 1 to budget committee on credit certifications; excess credits may be carried forward to subsequent years but cannot be refunded.
Legislative Description
New markets tax credit. Provides for an Indiana new markets tax credit against state taxes for investments in qualified community development entities that is similar to the federal new markets tax credit. Provides that the Indiana economic development corporation (IEDC) may not approve more than $80,000,000 of qualified equity investments each state fiscal year. Requires the IEDC to submit an annual report on the Indiana new markets tax credit to the budget committee.
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015