Indiana Senate Bill 165 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2014 - 25% progression, died in committee
Action: 2014-01-08 - First Reading: Referred to Commerce, Economic Development & Technology
Pending: Senate Commerce, Economic Development & Technology Committee
Text: Latest bill text (Introduced) [PDF]

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 under the paths to QUALITY program. Requires a qualified community development entity to pay the state a conditionally refundable performance 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 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 must be made before January 1, 2016, to qualify for the new markets tax credit. Provides that the IEDC may not certify 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. Requires an annual report to the budget committee by the IEDC on the credit program.

Indiana new markets job act.

Sen. Randall Head [R]

Date	Chamber	Action
2014-01-08	Senate	First Reading: Referred to Commerce, Economic Development & Technology
2014-01-08	Senate	Authored by Senator Randall Head

Type	Source
Summary	https://iga.in.gov/legislative/2014/bills/senate/165/details
Text	http://iga.in.gov/static-documents/9/9/8/c/998ce9f6/SB0165.01.INTR.pdf