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DIGEST OF SB502 (Updated February 26, 2002 6:52 PM - DI 84)
Reassessment. Phases in reassessments of single family residential property over three years. Extends the completion deadline for the general reassessment by one year to March 1, 2003. Provides that a taxpayer that provides qualified investment capital to a qualified Indiana business is entitled to a credit against the taxpayer's state tax liability equal to 20% of the amount of the investment. Provides that the amount of credits allowed each year may not exceed $5,000,000. Provides that a taxpayer is not entitled to a credit for providing qualified investment capital to a qualified Indiana business before January 1, 2004, or after December 31, 2007
