Indiana State Senators Randall Head (R-District 18) and John Broden (D-District 10) recently introduced and co-sponsored the Indiana New Markets Job Act, (SB 521), which would create a state New Markets Tax Credit (NMTC) program similar to the federal NMTC. The program would be administered by the Indiana Economic Development Corporation (IEDC) and would be capped at $10 million in QEIs annually. In addition, the legislation would require a qualified community development entity (CDE) to pay the state a conditionally refundable fee of $500,000 and nonrefundable application fee of $5,000 for each qualified equity investment (QEI). The bill was originally referred to the Senate Committee on Tax and Fiscal Policy, and was subsequently passed by both the Committee and full Senate; the measure will now move to the Indiana State House of Representatives for consideration.
Click here to read the latest version of SB 521.
