SB 346 IN

0likes☆Favorite🔕SubscribeShare

Passed One Chamber

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.

• Brian Buchanan Republican · author
• Mike Gaskill Republican · author
• Linda Rogers Republican · author
• Shane Lindauer Republican · sponsor

1. Jan 13, 2025 Authored by Senator Buchanan · upper
2. Jan 13, 2025 First reading: referred to Committee on Tax and Fiscal Policy · upper
3. Feb 11, 2025 Senator Gaskill added as second author · upper
4. Feb 11, 2025 Senator Rogers added as third author · upper
5. Feb 11, 2025 Committee report: do pass, adopted · upper
6. Feb 17, 2025 Amendment #1 (Buchanan) prevailed; voice vote · upper
7. Feb 17, 2025 Senator Schmitt added as coauthor · upper
8. Feb 17, 2025 Second reading: amended, ordered engrossed · upper
9. Feb 18, 2025 Third reading: passed; Roll Call 155: yeas 47, nays 2 · upper
10. Feb 18, 2025 House sponsor: Representative Lindauer · upper
11. Feb 18, 2025 Cosponsors: Representatives Jordan and Thompson · upper
12. Feb 19, 2025 Referred to the House · upper
13. Mar 3, 2025 First reading: referred to Committee on Ways and Means · lower
14. Mar 13, 2025 Representative Commons added as cosponsor · lower