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IN HB1099
Bill
Status
1/5/2017
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, 2018.
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Defines "qualified community development entity" as entities meeting the definition in Section 45D(c) of the Internal Revenue Code.
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Expands the definition of "qualified investment" to include equity investments or loans made to qualified community development entities that make qualified low-income investments in Indiana low-income communities.
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Requires applicants proposing investments in qualified community development entities to demonstrate that the entities will 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.
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Applies to taxable years beginning after December 31, 2017, with the statutory changes set to expire January 1, 2019.
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
1/5/2017