Rep. Torr's Venture Capital Tax Credit Bill Passes the House
STATEHOUSE- Rep. Torr's (R-Carmel) bill to increase the amount of tax credits for investment available to qualified Indiana businesses passed the House yesterday by a vote of 96 to 0 and will now move to the Senate for consideration.
House Bill 1008 would increase the amount of tax credits for investment in qualified Indiana businesses from $500,000 to $1,000,000. Additionally, the bill suspends the $200 application fee that a qualified Indiana business must pay for two years. A qualified Indiana business is determined by the Indiana Economic Development Corporation (IEDC) for its potential to create jobs, bring significant capital to Indiana, and diversify Indiana' s business base.
"Our top priority this session is to create more job opportunities for Hoosiers and this bill acts as an incentive for businesses to invest in Indiana," said Rep. Torr.