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IN HB1070
Bill
Status
1/5/2016
Primary Sponsor
Gerald Torr
Click for details
AI Summary
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Establishes an industrial recovery tax credit equal to 25% of qualified investments made in qualified community development entities, effective January 1, 2017.
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Defines "qualified community development entity" according to Section 45D(c) of the Internal Revenue Code and "qualified investment" to include equity investments in or loans to such entities that make qualified low-income investments.
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Requires qualified community development entities to match the state tax credit with an equal or greater allocation of federal new markets tax credits under Section 45D of the Internal Revenue Code to be eligible.
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Maintains existing applicable percentage rates for industrial recovery sites based on plant age (15% for 15-30 years old, 20% for 30-40 years old, 25% for 40+ years old).
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Applies to taxable years beginning after December 31, 2016, with provisions expiring January 1, 2018.
Legislative Description
Industrial recovery tax credit. Provides that a taxpayer is entitled each taxable year to an industrial recovery tax credit against the taxpayer's state tax liability in an amount equal to 25% of the taxpayer's qualified investment in a qualified community development entity made during the taxable year.
Last Action
First reading: referred to Committee on Ways and Means
1/5/2016