Indiana House Bill 1455 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 17 2023 - 25% progression, died in committee
Action: 2023-01-17 - First reading: referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]

New markets tax credit. Establishes the Indiana new markets tax credit (credit) for certain qualified equity investments. Provides that the total amount of the credit over the seven year credit allowance period is equal to: (1) 42%, multiplied by; (2) the purchase price paid to the qualified community development entity for the qualified equity investment. Establishes a procedure for a qualified community development entity to apply to the Indiana economic development corporation (IEDC) for qualified equity investment authority in a qualified active low income community business with principal business operations in Indiana under the rural allocation or the statewide allocation. Requires a qualified community development entity to pay a nonrefundable application fee of $5,000 to the IEDC. Provides that the credit is subject to recapture. Allows the IEDC to issue letter rulings requested by taxpayers, similar to private letter rulings issued by the Internal Revenue Service at the federal level, and adopt rules regarding the credit. Requires each qualified community development entity to submit an annual report to the IEDC regarding qualified low income community investments made by the qualified community development entity.

New markets tax credit.

Rep. Craig Snow [R]

Date	Chamber	Action
2023-01-17	House	First reading: referred to Committee on Ways and Means
2023-01-17	House	Authored by Representative Snow

Type	Source
Summary	https://iga.in.gov/legislative/2023/bills/house/1455/details
Text	https://iga.in.gov/legislative/2023/bills/house/1455/#1.INTR