Bill Text: IN HB1168 | 2013 | Regular Session | Introduced
Bill Title: Venture capital income tax credit.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-01-10 - First reading: referred to Committee on Commerce, Small Business and Economic Development [HB1168 Detail]
Download: Indiana-2013-HB1168-Introduced.html
Citations Affected: IC 6-3.1-24-7.
Synopsis: Venture capital income tax credit. Provides that if the
Indiana economic development corporation (IEDC) makes certain
findings with respect to a business, the IEDC may certify that business
as a qualified Indiana business for purposes of the venture capital
investment tax credit. (Current law provides that the IEDC shall certify
the business if the IEDC makes those findings.) Makes investments in
a business involving professional services provided by a physician
eligible for the venture capital investment tax credit. (Under current
law, a business involving professional services provided by an
accountant, a lawyer, or a physician is not eligible for the credit.)
Effective: July 1, 2013.
January 10, 2013, read first time and referred to Committee on Commerce, Small Business
and Economic Development.
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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 or 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.
