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IN HB1411
Bill
Status
1/16/2018
Primary Sponsor
Robin Shackleford
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AI Summary
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Establishes a state tax credit for investments in qualified community development entities that fund fresh and nutritious food projects in low-income areas, with credit amounts equal to applicable percentages (0% for years 1-2, 7% for year 3, 8% for years 4-7) multiplied by the investment purchase price.
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Requires qualified community development entities to pay a $1,500 nonrefundable application fee per qualified equity investment and limits total approved tax credits to $3,000,000 per state fiscal year.
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Imposes conditions on qualified businesses receiving funding, including accepting SNAP and WIC benefits, allocating at least 50% of food retail space for perishable foods, complying with data collection requirements, and promoting local resident hiring.
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Allows taxpayers to carry forward unused tax credits for up to five subsequent years but prohibits refunds or open market sale of credits.
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Requires the Indiana Housing and Community Development Authority (IHCDA) to issue letter rulings on credit eligibility and adopt emergency rules for implementation, effective January 1, 2018 (retroactively).
Legislative Description
New markets healthy food access investment credit. Establishes a new markets healthy food access investment credit against state tax liability for investments made by a taxpayer in a qualified community development entity that then uses the proceeds of the investment exclusively to make investments in qualified active low income community businesses for projects that increase the availability of and capacity to supply fresh and nutritious food in a low income area. Specifies that the tax credit is equal to an applicable percentage multiplied by the purchase price of the qualified investment. Requires a qualified community development entity to pay a
Last Action
First reading: referred to Committee on Ways and Means
1/16/2018