Rep. Torr files to increase tax credits venture capitalists
STATEHOUSE- Rep Jerry Torr (R-Carmel) filed a bill Tuesday that was handed down during session today.
Bill HB1008 would increase tax credits from $500,000 to $1,000,000 for qualified Indiana businesses. A qualified Indiana business is determined by Indiana Economic Development Corporation (IECD) for its potential to create jobs, bring substantial capital to Indiana, and diversify Indiana's business base.
"Promoting Hoosier job creation is a top priority this legislative session," said Rep. Torr. "We must find creative ways to foster economic development with little or no cost to the state, and this bill would allow us to do that."
Indiana's current budget constraints limit our ability to provide dollars to economic development in Indiana. Currently, qualified Indiana businesses are delayed in their ability to receive access to start-up capital and this has posed a significant problem for venture capitalists.
Right now, the current tax credit amount that investors can receive for investing in a qualified Indiana business is limited to only $500,000 or 20 % of the investment. These limits are based on each individual qualified Indiana business and are not limits on each individual taxpayer.