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Introduced House Bill (H)

Authored by

DIGEST

New markets healthy food access investment credit. Establishes a new markets healthy food access investment 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 exclusively to make investments in qualified active low income community businesses for projects that increase the availability of and capacity to supply fresh and nutritious food in a low income area. 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 New markets healthy food access investment credit. Establishes a new markets healthy food access investment 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 exclusively to make investments in qualified active low income community businesses for projects that increase the availability of and capacity to supply fresh and nutritious food in a low income area. 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 $1,500 for each qualified equity investment that the qualified community development entity seeks to have approved by the Indiana housing and community development authority (IHCDA). Requires the IHCDA 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 $3,000,000 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 IHCDA 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. ... View more