Loading chat...
IN HB1604
Bill
Status
1/20/2015
Primary Sponsor
Ben Smaltz
Click for details
AI Summary
HB 1604 Summary
-
Increases the tax credit rate from 20% to 25% of qualified investment capital provided to Indiana businesses for calendar years after December 31, 2015
-
Raises the maximum credit per business from $1,000,000 to $1,500,000 for investments made after December 31, 2015
-
Increases the total annual tax credits that may be approved statewide from $12,500,000 to $15,000,000
-
Removes the December 31, 2016 deadline that previously prohibited new venture capital investments from receiving credits, allowing ongoing investments to qualify
-
Permits taxpayers to assign venture capital tax credits to other taxpayers, subject to written documentation and reporting on state tax returns
Legislative Description
Venture capital tax credits. Increases the maximum amount of tax credits available under the venture capital investment tax credit for the provision of qualified investment capital to a particular qualified Indiana business to be the lesser of: (1) the total amount of qualified investment capital provided to the qualified business multiplied by 25%; or (2) $1,500,000; for calendar years after 2015. Removes a provision that prohibits a taxpayer from being entitled to a credit for providing qualified investment capital to a qualified Indiana business after December 31, 2016. Increases the total amount of tax credits that may be approved by
Last Action
Representatives Sullivan and Stemler added as coauthor
2/2/2015