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House Bill 1414


House Bill 1414

ARCHIVE (2013)

Latest Information

 

DIGEST OF HB 1414 (Updated January 31, 2013 9:02 am - DI 51)


Indiana new markets jobs act. 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 active 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. Requires a qualified community development entity to pay a nonrefundable application fee of $5,000 for each qualified equity investment that the qualified community development entity seeks to have approved by the Indiana economic development corporation (IEDC). Requires the IEDC 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). Provides that the IEDC is required to issue letter rulings requested by taxpayers, similar to private letter rulings issued by the Internal Revenue Service at the federal level, regarding the Indiana new markets tax credit. Makes an appropriation.
Current Status:
 In Committee - first House
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