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IN HB1583
Bill
Status
1/23/2017
Primary Sponsor
Melanie Wright
Click for details
AI Summary
HB 1583 Summary
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Establishes a state tax credit for taxpayers who acquire, construct, enlarge, or rehabilitate aquaponics systems for business use, effective January 1, 2018.
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Tax credit equals the lesser of 50% of qualified expenditures or $5,000 per taxable year.
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Unused credits may be carried forward to not more than 5 subsequent taxable years, but no carryback or refund of unused credits is allowed.
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Taxpayers must submit applications to the Indiana Economic Development Corporation (IEDC) before the end of the taxable year; the IEDC reviews applications in order received and issues approval or denial letters.
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Pass-through entities without state tax liability may allocate credits to shareholders, partners, fiduciaries, or members based on their percentage of distributive income.
Legislative Description
Tax credit for aquaponics systems. Provides for a credit against a taxpayer's state tax liability for expenditures made by the taxpayer during a taxable year for the acquisition, construction, enlargement, or rehabilitation of an aquaponics system for use in the taxpayer's trade or business.
Last Action
First reading: referred to Committee on Ways and Means
1/23/2017