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Senate Bill 0209


Senate Bill 0209

ARCHIVE (2007)

Latest Information

 

DIGEST OF INTRODUCED BILL


Community investment tax credits. Establishes a community investment tax credit against state tax liability for investments that: (1) qualify for a federal new market tax credit against federal income tax liability; and (2) are made by a community investment entity that agrees: (A) to reinvest 100% of the community investment entity's allocation of federal new market tax credits for low income communities in Indiana; (B) to invest at least 80% of the community investment entity's total assets in low income community businesses in Indiana; and (C) to continue to reinvest at least 30% of the last state certified investment in eligible businesses for a period of at least 14 years after the last credit allowance date for the community investment entity's last state certified investment.
    Current Status:
     In Committee - first House
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