Indiana legislation · 2025 Regular Session
Indiana SB346: Rural business growth.
Status: Passed one chamber, February 19, 2025
Rural business growth. 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.
Sponsors
- Brian Buchanan (R, SD-007) · primary sponsor
- Mike Gaskill (R, SD-025) · primary sponsor
- Linda Rogers (R, SD-011) · primary sponsor
- Daryl Schmitt (R, SD-048)
- Shane Lindauer (R, HD-063)
- Jack Jordan (R, HD-017)
- Jeffrey Thompson (R, HD-028)
- Commons, Matt (R)
Votes
- Senate - Third reading (February 18, 2025): 47 yea, 2 nay, passed
Common questions
- What is SB346?
- SB346 is a bill in the Indiana Legislature (2025 Regular Session): Rural business growth.
- What does SB346 do?
- Rural business growth. 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.