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House Bill 1241

House Bill 1241

ARCHIVE (2012)

Latest Information

DIGEST OF HB 1241 (Updated February 6, 2012 4:20 pm - DI 113)

Economic development incentives. Permits a venture capital investment tax credit that has been certified by the economic development corporation to be applied against tax liability when the qualified investment capital is provided regardless of whether the total amount of tax credits applied by all taxpayers in that particular calendar year exceeds $12,500,000. Permits the economic development corporation to designate one rural county as a rural entrepreneurship area development incentive area (area). Provides for the transfer of adjusted gross income taxes withheld from employees working for a new business in an area to the rural county for purposes of developing new business opportunities in the rural county. Limits the amount that may be transferred in any year to $500,000.
Current Status:
In Committee - 2nd House
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