Brian Buchanan
- Republican
- Senator
- District 7
Author
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. 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.
Representative Commons added as cosponsor
First reading: referred to Committee on Ways and Means
Referred to the House
House sponsor: Representative Lindauer
Third reading: passed; Roll Call 155: yeas 47, nays 2
Cosponsors: Representatives Jordan and Thompson
Second reading: amended, ordered engrossed
Amendment #1 (Buchanan) prevailed; voice vote
Senator Schmitt added as coauthor
Committee report: do pass, adopted
Senator Rogers added as third author
Senator Gaskill added as second author
Authored by Senator Buchanan
First reading: referred to Committee on Tax and Fiscal Policy
| Bill Text Versions | Format |
|---|---|
| Engrossed Senate Bill (H) | |
| Senate Bill (S) | |
| Introduced Senate Bill (S) |
| Document | Format |
|---|---|
| Fiscal Note: SB0346.03.ENGS.FN002 | |
| Fiscal Note: SB0346.03.ENGS.FN001 |
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