Bill Text: IN HB1008 | 2011 | Regular Session | Engrossed
Bill Title: Venture capital investment tax credit.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Engrossed - Dead) 2011-03-08 - Committee report: amend do pass, reassigned to Committee on Tax and Fiscal Policy [HB1008 Detail]
Download: Indiana-2011-HB1008-Engrossed.html
Citations Affected: IC 6-3.1.
Synopsis: Venture capital investment tax credit. Increases the
maximum amount of tax credits available under the venture capital
investment tax credit for the provision of qualified investment capital
to a particular qualified Indiana business from $500,000 to $1,000,000
for calendar years after 2010. Requires investments eligible for the
venture capital investment tax credit to be made before January 1,
2015, instead of January 1, 2013. Suspends, beginning July 1, 2011,
and ending June 30, 2013, the application fee allowed in current law
for applicants seeking certification for the venture capital investment
tax credit.
Effective: January 1, 2011 (retroactive); July 1, 2011.
(SENATE SPONSORS _ HERSHMAN, KENLEY, ARNOLD)
January 12, 2011, read first time and referred to Committee on Commerce, Small Business
and Economic Development.
January 24, 2011, reported _ Do Pass.
January 27, 2011, recommitted to Committee on Ways and Means pursuant to Rule 127.
February 10, 2011, reported _ Do Pass.
February 15, 2011, read second time, amended, ordered engrossed.
February 16, 2011, engrossed.
February 17, 2011, read third time, passed. Yeas 96, nays 0.
February 21, 2011, read first time and referred to Committee on Commerce and Economic Development.
March 8, 2011, amended, reported favorably _ Do Pass; reassigned to Committee on Tax and Fiscal Policy.
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A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(1) has its headquarters in Indiana;
(2) is primarily focused on professional motor vehicle racing, commercialization of research and development, technology transfers, or the application of new technology, or is determined by the Indiana economic development corporation to have significant potential to:
(A) bring substantial capital into Indiana;
(B) create jobs;
(C) diversify the business base of Indiana; or
(D) significantly promote the purposes of this chapter in any other way;
(3) has had average annual revenues of less than ten million
dollars ($10,000,000) in the two (2) years preceding the year in
which the business received qualified investment capital from a
taxpayer claiming a credit under this chapter;
(4) has:
(A) at least fifty percent (50%) of its employees residing in
Indiana; or
(B) at least seventy-five percent (75%) of its assets located in
Indiana; and
(5) is not engaged in a business involving:
(A) real estate;
(B) real estate development;
(C) insurance;
(D) professional services provided by an accountant, a lawyer,
or a physician;
(E) retail sales, except when the primary purpose of the
business is the development or support of electronic commerce
using the Internet; or
(F) oil and gas exploration.
(b) A business shall apply to be certified as a qualified Indiana
business on a form prescribed by the Indiana economic development
corporation.
(c) If a business is certified as a qualified Indiana business under
this section, the Indiana economic development corporation shall
provide a copy of the certification to the investors in the qualified
Indiana business for inclusion in tax filings.
(d) Except as provided in subsection (e), the Indiana economic
development corporation may impose an application fee of not more
than two hundred dollars ($200).
(e) The Indiana economic development corporation may not
impose the application fee authorized by subsection (d) for
applications submitted during the period beginning July 1, 2011,
and ending June 30, 2013.
(b) For a calendar year ending before January 1, 2011, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business equals the lesser of:
(1) the total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by twenty percent (20%); or
(2) five hundred thousand dollars ($500,000).
(c) For a calendar year beginning after December 31, 2010, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business equals the lesser of the following:
(1) The total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by twenty percent (20%).
(2) One million dollars ($1,000,000).
(b) Notwithstanding the other provisions of this chapter, a taxpayer is not entitled to a credit for providing qualified investment capital to a qualified Indiana business after December 31,
