Senate Bill 0394
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DIGEST OF SB 394 (Updated January 18, 2000 6:26 PM - DI 51)
Local certified equity pools. Provides a tax credit against the state tax liability of an investor in a local certified equity pool. Specifies that the tax credit is equal to 50% of a portion of the money, called restricted capital, invested by a local certified equity pool in an Indiana small business. Requires the Indiana development finance authority to operate a program to certify local certified equity pools. Sets standards for certification of a local certified equity pool. Establishes requirements for investments made by a local certified equity pool. Establishes the tax credit allocation advisory board to allocate tax credits among local certified equity pools. Establishes limitations on the amount of tax credits that may be allocated and claimed by investors. Provides that the tax credit is partially funded by taxes paid by companies that benefit from the investments.
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