IndianaRural business growth.
What it does
Establishes a state tax credit (credit) for certain capital investments made in rural funds. Establishes procedures for a rural fund to apply to the Indiana economic development corporation (IEDC) for certification of a capital investment as eligible for a credit provided by the bill. Requires a rural fund to pay a nonrefundable application fee of $5,000 to the IEDC.
More detail
Provides that the credit is an amount equal to: (1) the applicable percentage for the credit allowance date; multiplied by (2) the purchase price paid to the rural fund for the capital investment. Sets forth the maximum annual amount of credits that may be certified. Provides that the credit is subject to recapture. Requires a rural fund that has received a credit to submit reports on an annual basis to the IEDC over the credit allowance period.
Where do you stand?
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 13Representative Commons added as cosponsorLatest
- Mar 3First reading: referred to Committee on Ways and MeansMinor
- Feb 19Referred to the HouseMinor
- Feb 18Cosponsors: Representatives Jordan and Thompson
- Vote recorded SB 346 - Buchanan - 3rd Reading. Result: pass.Upper
- Feb 18House sponsor: Representative Lindauer
- Feb 18Third reading: passed; Roll Call 155: yeas 47, nays 2Passed Senate
- Feb 17Second reading: amended, ordered engrossedMinor
- Feb 17Senator Schmitt added as coauthor
- Feb 17Amendment #1 (Buchanan) prevailed; voice voteMajor
- Feb 11Committee report: do pass, adoptedMinor
- Feb 11Senator Rogers added as third author
- Feb 11Senator Gaskill added as second author
- Jan 13First reading: referred to Committee on Tax and Fiscal PolicyMinor
- Jan 13Authored by Senator BuchananIntroduced