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IN HB1584
Bill
Status
1/23/2017
Primary Sponsor
Matthew Lehman
Click for details
AI Summary
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Restaurant owners are eligible for a tax credit equal to 5% of amounts spent on ingredients purchased from certified Indiana grown vendor participants, effective for tax years beginning after December 31, 2017.
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The credit applies against the owner's adjusted gross income tax liability and cannot exceed the remaining tax liability after other credits are applied.
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Unused credits cannot be carried forward to future years, carried back to prior years, or refunded.
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A "restaurant" is defined as an establishment where meals are sold to be eaten on the premises.
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The bill amends the Indiana grown initiative program to authorize the commission to certify vendors participating in the program.
Legislative Description
Tax credit for Indiana grown vendor expenditures. Provides that a restaurant owner is entitled to a credit against the individual's adjusted gross income tax liability for amounts expended with certified Indiana grown vendor participants up to a maximum of 5% of the expenditures per taxable year.
Last Action
First reading: referred to Committee on Ways and Means
1/23/2017