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ND SB2273
Bill
Status
1/21/2013
Primary Sponsor
Tony Grindberg
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AI Summary
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Creates a 45% tax credit for financial institutions against taxes imposed under sections 57-35.3-01 through 57-35.3-12 for amounts remitted to angel funds during the taxable year.
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Amends existing angel fund tax credit provisions to allow financial institutions to claim credits and expands eligibility to include corporations, financial institutions, passthrough entities and their affiliates in addition to individuals.
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Eliminates the lifetime aggregate credit limit for individuals and married couples, while maintaining a $150,000 lifetime aggregate limit for corporations, financial institutions, passthrough entities, and other taxpayers.
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Maintains the $45,000 annual cap on tax credits and the requirement that investments cannot be used to calculate any other income tax deduction or credit.
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Effective for taxable years beginning after December 31, 2012.
Legislative Description
A financial institutions tax credit for investments in an angel fund and elimination of the lifetime limit on angel fund investment tax credits for individuals; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 0 nays 46
2/21/2013