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IN HB1406
Bill
Status
1/13/2016
Primary Sponsor
Ben Smaltz
Click for details
AI Summary
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Allows venture capital investment tax credits to be applied against retaliatory premium tax liability imposed on out-of-state insurance companies.
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Increases maximum tax credits per qualified Indiana business from $1,000,000 to $1,500,000 for calendar years after 2016, with higher percentages (40%) for businesses in low-income communities versus other businesses (25%).
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Raises total tax credits approved by Indiana Economic Development Corporation from $12,500,000 to $15,000,000.
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Incorporates federal New Markets Tax Credit definition of "low income community" for determining Indiana low-income communities.
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Makes venture capital investment tax credits assignable between taxpayers effective July 1, 2016, with updated credit calculations effective January 1, 2017.
Legislative Description
Venture capital tax credits. Provides that the venture capital investment tax credit may be applied against any retaliatory premium tax liability imposed on out-of-state insurance companies (a retaliatory tax is added in determining Indiana insurance premium tax liability when the state in which the insurance company is domiciled imposes higher taxes and fees on an Indiana domiciled insurer for the same business.) 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
Last Action
First reading: referred to Committee on Ways and Means
1/13/2016