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IN HB1626
Bill
Status
1/24/2019
Primary Sponsor
Gerald Torr
Click for details
AI Summary
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Creates a 25% state tax credit for qualified investments (equity investments or loans) made in qualified community development entities that invest in low-income communities in Indiana, effective for taxable years beginning after December 31, 2019
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Requires qualified community development entities to match the state tax credit amount with an equal or greater allocation of federal New Markets Tax Credits under Section 45D of the Internal Revenue Code
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Expands existing industrial recovery tax credit eligibility beyond rehabilitation of industrial recovery sites to include investments in qualified community development entities
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Defines key terms by reference to federal tax code: "qualified community development entity," "qualified low income community," and "qualified low income community investment" as defined in Section 45D of the Internal Revenue Code
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Effective date of July 1, 2019, with provisions applying to taxable years beginning after December 31, 2019
Legislative Description
Industrial recovery tax credit. Provides that a taxpayer is entitled each taxable year beginning after December 31, 2019, to an industrial recovery tax credit against the taxpayer's state tax liability for a qualified investment in a qualified community development entity. Provides that the credit is 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
1/24/2019