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IN SB0398
Bill
Status
1/12/2016
Primary Sponsor
Randall Head
Click for details
AI Summary
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Amends IC 6-3.1-24-4 to expand the definition of "state tax liability" for venture capital investment tax credit purposes to include insurance premiums tax under IC 27-1-18-2 and retaliatory tax under IC 27-1-20-12.
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Adds IC 6-3.1-24-13.5 to allow taxpayers to assign any portion of their venture capital investment tax credit to another taxpayer.
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Requires credit assignments to be made in writing, with both parties reporting the assignment on their state tax returns for the year the assignment is made as prescribed by the department.
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Prohibits a taxpayer from receiving value in connection with a credit assignment that exceeds the value of the credit portion being assigned.
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Assigned credits remain subject to all provisions of the venture capital tax credit chapter.
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Effective date: July 1, 2016.
Legislative Description
Venture capital tax credit. Provides that "state tax liability", for purposes of the venture capital investment tax credit, includes insurance premiums retaliatory taxes. Provides that a venture capital investment tax credit is assignable.
Last Action
First reading: referred to Committee on Tax & Fiscal Policy
1/12/2016