SB 346: Rural business growth.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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

Sponsors by party (alphabetical): Republican 8

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

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

Showing 12 most recent of 14 actions. Full history