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House Bill 1248


House Bill 1248

ARCHIVE (2012)

Latest Information

 

DIGEST OF INTRODUCED BILL


New markets job growth tax credit. Establishes a new markets job growth credit against state tax liability for investments made by a taxpayer in a qualified community development entity that then uses the proceeds of the investment to make investments in certain qualified low income community businesses located in Indiana. Specifies that the tax credit is equal to an applicable percentage multiplied by the purchase price of the qualified investment. Provides that the applicable percentage is 0% for the first and second credit allowance dates, 7% for the third credit allowance date, and 8% for the fourth, fifth, sixth, and seventh credit allowance dates. Provides that a taxpayer is not entitled to a carryback or refund of an unused tax credit, but the taxpayer may carry over excess credit amounts for not more than five subsequent taxable years. Requires the Indiana economic development corporation to limit the monetary amount of qualified equity investments to an amount necessary to limit the claiming of the tax credit to not more than $20,000,000 in any state fiscal year (based on the anticipated use of the tax credits without regard to the potential for taxpayers to carry forward tax credits to later tax years).
Current Status:
 In Committee - first House
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