OH HB558 | 2011-2012 | 129th General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on May 23 2012 - 25% progression, died in committee
Action: 2012-05-23 - To Ways & Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [HTML]

Summary

To amend section 5725.33 of the Revised Code to make various changes to the administration of the New Markets tax credit, including the acceleration of the receipt of New Markets tax credit installments, allowing community development entities to make credit-eligible investments in a low-income community business that derives 15% or more of its annual revenue from renting or selling real estate, eliminating the requirement to calculate adjusted purchase price of investments in calculating the amount of the credit, permitting entities to identify qualifying equity investments from any community development entity, and clarifying that the maximum allowable credit for each investor is $1 million.

Tracking Information

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Title

To make various changes to the administration of the New Markets tax credit, including the acceleration of the receipt of New Markets tax credit installments, allowing community development entities to make credit-eligible investments in a low-income community business that derives 15% or more of its annual revenue from renting or selling real estate, eliminating the requirement to calculate adjusted purchase price of investments in calculating the amount of the credit, permitting entities to identify qualifying equity investments from any community development entity, and clarifying that the maximum allowable credit for each investor is $1 million.

Sponsors


History

DateChamberAction
2012-05-23 To Ways & Means
2012-05-23 Introduced to House

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
57Amended CodeCitation Text
5725Amended CodeCitation Text
572533Amended CodeCitation Text

Ohio State Sources


Bill Comments

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