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IN HB1503
Bill
Status
1/18/2017
Primary Sponsor
Ben Smaltz
Click for details
AI Summary
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Venture capital investment tax credit may be applied against retaliatory premium tax liability imposed on out-of-state insurance companies.
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Maximum tax credits for qualified investment capital to a particular qualified Indiana business increases to the lesser of: (1) total qualified investment capital multiplied by 40% for businesses in low-income communities or 25% for other businesses, or (2) $1,500,000 for calendar years after 2017.
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Total amount of tax credits approved by the Indiana Economic Development Corporation increases from $12,500,000 to $15,000,000.
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Defines "low income community" using the federal new markets tax credit definition for purposes of determining Indiana low-income communities.
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Credit is assignable between taxpayers in writing, with both parties reporting the assignment on their state tax return; taxpayer cannot receive value exceeding the credit value assigned.
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
1/18/2017