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Senate Bill 0521


Senate Bill 0521

ARCHIVE (2013)

Latest Information

 

DIGEST OF SB 521 (Updated March 13, 2013 4:52 pm - DI 51)


Indiana new markets job act. Provides for an Indiana new markets tax credit against state taxes similar to the federal new markets tax credit. Excludes from the definition of a qualified active low income community business a business that is primarily engaged in providing home ownership services. Excludes from the definition of a qualified active low income community business a business that is primarily engaged in providing child care services, unless the business is a licensed child care center, child care home, or child care ministry that has the highest rating in the paths to quality program. Requires a qualified community development entity to pay the state a conditionally refundable fee of $500,000 and 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). Provides that a denial of an application by the Indiana economic development corporation (IEDC) does not create a private right of action for the applicant. Limits fees that may be charged to a qualified active low income community business. Provides that an equity investment has to be made before January 1, 2016, to qualify for the new markets tax credit. Provides that the IEDC may not approve more than $10,000,000 in new markets tax credits per state fiscal year. 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. Establishes the paths to quality voluntary child care rating system program. Requires the division of family resources to adopt rules to administer the paths to quality program. Requires an annual report to the state budget committee by the IEDC on the credit program.
    Current Status:
     In Committee - 2nd House
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